Cred, the Bengaluru-based fintech firm, has recorded a surge in operating revenue of around 256 per cent to Rs 393 crore in fiscal year (FY) 2023. Its losses grew marginally to Rs 1,347 crore (USD 180 million), up by 5 per cent from Rs 1,280 crore, according to media reports.

Kunal Shah-led Cred’s marketing expenses also decreased significantly by 27 per cent to Rs 713 crore (USD 95 million), compared to Rs 976 crore (USD 130 million) in FY22.

Shah, Founder of Cred, said that the company’s focus is on rewarding good behavior. It strengthened growth momentum in FY23, with new products and features contributing to higher engagement with members.

One of Cred’s significant revenue drivers is its lending division, Cred Cash, which has disbursed around Rs 12,000 crore (USD 1.6 billion) worth of loans. Nearly 90 per cent of its revenues come from Cred Cash and Cred Max, its insurance services.

The fintech startup has been expanding its UPI payments game, making it the fourth-largest UPI app in India. It aims to capitalise on the growing trend towards digital payments, with 90 per cent of Cred members redeeming at least one reward every month, it said in a statement.

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