CRED Secures RBI Nod as Payment Aggregator
Fintech platform CRED has obtained the Reserve Bank of India's authorization to function as a payment aggregator. This development accompanies a reduction in operating losses and an expansion of operating revenue, highlighting CRED's financial progress and continued trust within the ecosystem.
- Country:
- India
Fintech platform CRED has received final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company announced on Wednesday. The authorization allows CRED and its subsidiaries to manage payment systems directly under RBI supervision, including onboarding merchants, collecting payments, and handling settlements and refunds.
The Bengaluru-based firm's operating losses decreased to Rs 298 crore in FY25 from Rs 609 crore in FY24, owing to a broader product portfolio. Concurrently, CRED's consolidated operating revenue rose by 16 percent to Rs 2,735 crore in FY25, demonstrating robust financial growth.
According to CRED Founder Kunal Shah, stakeholder trust has been pivotal in the company's development. The RBI's authorization reflects this trust and lays the groundwork for further financial progress for India’s creditworthy population. Currently, CRED boasts a member base of over 1.5 crore users.
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