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CRED Launches CRED Money
Kunal Shah-led fintech unicorn CRED has unveiled a new feature called CRED Money to address the challenges of fragmented finances faced by India's affluent population.
The new offering aims to help its users manage and gain deeper insights into their financial activities.
By consolidating financial data from all their bank accounts, CRED Money allows users to track transactions, recurring payments, and financial patterns through a single dashboard.
Key features and benefits
CRED Money provides a unified view of balances and transactions across various bank accounts, wallets, and UPI IDs.
The tool simplifies financial decision-making by enabling users to analyze their spending patterns and search for transactions by merchant or category.
The feature also sends reminders for recurring payments such as SIPs, EMIs, rent, and insurance premiums, allowing users to make these payments directly through CRED UPI.
Leveraging account aggregator framework
The new feature leverages India’s account aggregator framework, a system introduced by the Reserve Bank of India.
This framework facilitates the secure and encrypted sharing of financial data across multiple institutions, giving users control over their information. With this system, CRED Money can present financial data in an organized format without requiring manual input from users.
Addressing fragmented finances
According to CRED, nearly 70% of this demographic struggles with managing finances spread across multiple platforms, which can lead to suboptimal financial decisions and impact credit scores.
"More money, more problems," said CRED founder Kunal Shah. "We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it through a trusted, insightful experience."
CRED Money will be rolled out to members in phases starting July 25.
The company has also recently acquired Kuvera, a platform for mutual fund and stock investments, further enhancing its offerings.