CRED Acquihires Savings Platform Spenny in Expansion Move

Fintech unicorn CRED has made another strategic move in the lending and wealth tech sector by acquihiring savings and investment platform Spenny.

The acquisition, whose financial details remain undisclosed, showcases CRED's commitment to expanding its presence in the market.

Spenny, founded in 2019 by Gaurav Arora and Rathin Shah, operates as a micro-savings and investment platform.

It encourages users to set aside a small portion of their daily transactions or online spending for savings and investment purposes.

The startup gained recognition when it became part of Y-Combinator's winter batch of 2020 and secured a seed round of $150,000.

Expressing his enthusiasm for the collaboration, Rathin Shah, co-founder of Spenny, acknowledged CRED's impact on promoting positive financial behavior and conveyed his excitement about embarking on a new journey with the CRED team to further this mission. Shah will be joining CRED's product team, bolstering the company's expertise and capabilities.

CRED's recent acquisition of Spenny aligns with its strategic vision of strengthening its position in the lending and wealth tech arena. This move follows the company's undisclosed acquisition of the fintech SaaS platform CreditVidta in 2022.

Despite achieving significant revenue growth in the previous fiscal year, with revenues surging by almost 340% to reach Rs 422 crore, CRED faced a net loss of Rs 1,279 crore in the same period. However, the startup remains confident in its ability to generate sustainable revenue in the future, laying the foundation for its continued success.

Also Read:

• ideaForge Raises Rs 255 Crore in Anchor Round Ahead of IPO