Kunal Shah’s fintech giant, CRED, has unveiled a new product, CRED Money, designed to simplify financial management for its users. This platform offers a consolidated view of all bank accounts, transactions, and spending patterns, eliminating the need for manual tracking and complex spreadsheets.
Built On The Account Aggregator
Built on the Account Aggregator (AA) framework, CRED Money ensures secure and encrypted sharing of bank account information between authorized organizations. This framework allows users to grant permission for their financial data to be accessed by trusted entities, enhancing data privacy and control.
With Cred Money, Users Can
With CRED Money, users can effortlessly track recurring payments like SIPs, EMIs, rent, and insurance premiums, receiving timely reminders and updates. The platform also provides insights into spending habits by analyzing transaction data across different categories and merchants.
A Standout Feature Is The
A standout feature is the ability to identify overlooked financial opportunities, such as forgotten investment dividends, payment reversals, and tax refunds. CRED Money uses advanced data science to transform raw data into actionable insights, empowering users to make informed financial decisions.
Cred’s Financial Performance Has Been
CRED’s financial performance has been impressive, with a 3.5X growth in total income from FY22 to FY23. The company reported a revenue of Rs 1,400 crore in FY23, although it also recorded a widened net loss of Rs 1,345.9 crore.
As Cred Money Is Gradually
As CRED Money is gradually rolled out to its membership base, the platform is expected to further solidify the company’s position in the fintech market and provide significant value to its users.
By offering a comprehensive overview of financial health and actionable recommendations, CRED Money aims to revolutionize the way people manage their money.
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