Cred gets RBI's in-principle approval to operate as payment aggregator
Mumbai: Bengaluru headquartered firm Cred, a top third-party app for credit card bill settlements in India, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment app, said media reports.
The startup also operates a range of other products and services including a modest e-commerce platform, vehicle management services, and a curated travel package platform.
According to reports, the company valued at $ 6.4 billion received the approval this week.
In February, CRED forayed into the wealth management sector by acquiring Kuvera, an online platform, said reports.
This strategic move positions the company to directly contend with established players such as Zerodha and Groww in the wealth management sector.tum
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
