ApideckTape
← Embedded Finance Index 2026

Cred

“Can a rewards-driven credit card bill payment app become India's financial OS for the affluent creditworthy?”

Founded2018
HQBangalore, Karnataka, India
FoundersKunal Shah
Total raised~$1B+ (cumulative through 2022)
Latest roundSeries F / secondary (2022-2023)
Valuation$6.4B (2022)
IndustryFintech / Consumer banking
The story

Founded 2018 as a reward-driven credit card bill payment app for India's high-credit-score consumers. Expanded into UPI payments (TPAP), e-commerce checkout (CRED Pay), and lending via partner banks/NBFCs (CRED Cash). Acquired its own NBFC license via Parfait/Newtap Finance to move from pure distribution to a balance-sheet lender. Continues to position itself as a premium members-only club rather than a mass-market neobank.

Last 12 months
—
Product timeline
2018
Founded by Kunal Shah as a credit card bill payment rewards app· launch
2021
Raised Series D at $2.2B valuation; launched CRED Pay and CRED Cash (lending)· lending
2021
Acquired Happay (expense management) and HipBar (liquor delivery / Dreampurse wallet)· acquisition
2022
Acquired CreditVidya (alternate credit scoring); valued at $6.4B· acquisition
2022
Launched CRED UPI and scan & pay; became RBI-approved Third Party Application Provider (TPAP)· banking
2023
Acquired Parfait Finance (renamed Newtap Finance) to bring lending in-house via own NBFC· lending
2024
Launched CRED Garage (vehicle management), CRED Mint (P2P investing via Liquiloans), CRED Money· launch
Regulated entities
1
regulatory licence held by Cred
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Cred’s embedded-finance stack
Payments / PSP
CRED Pay (self-operated)UPI via TPAP (self-operated)
Money movement
in the full report
Lending
in the full report
Accounting gap: none
5 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Cred — frequently asked

Who is Cred's payment processor?

Cred processes payments through CRED Pay (self-operated) and UPI via TPAP (self-operated). Disclosed money-movement rails: UPI.

Who provides Cred's lending?

Cred's lending and capital products are provided by Newtap Finance Private Limited (in-house NBFC).

What is Cred's embedded finance stack?

The Embedded Finance Index 2026 maps 3 layers in Cred's stack: Payments / PSP (CRED Pay (self-operated) and UPI via TPAP (self-operated)); Money movement (UPI); Lending (Newtap Finance Private Limited (in-house NBFC), CRED Cash, CRED Cash+ and CRED Mint).

Who founded Cred?

Cred was founded by Kunal Shah and is founded in 2018, headquartered in Bangalore, Karnataka, India.

How much funding has Cred raised?

Cred has raised ~$1B+ (cumulative through 2022) in total (latest round: Series F / secondary (2022-2023); valuation: $6.4B (2022)).

Benchmark your own stack

Request an embedded finance strategy assessment

Get a read on where your own stack stands against Cred and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.

  • Your category, mappedHow your stack compares to Cred and the other companies in its category.
  • Build vs. buyWhere a provider relationship would close a gap faster than building it.
  • A named analyst, not a form replyA short call to scope what's actually worth assessing for you.

No newsletter, no sharing your address. We use this to reach out about the assessment and nothing else.