December 12, 2024
CRED Launches Personal Financial Management Platform CRED Money


Fintech app CRED has launched personal financial management platform CRED Money, which provides a unified view of balances, transactions, and patterns across bank accounts. It also turns each data point into actionable insights. Users can analyse spending patterns across bank accounts and search by merchant or category, enabling them to understand their own financial behaviour. 

CRED Money is built on the account aggregator, or AA, framework, which enables consumers to permit secure and encrypted sharing of their bank account information between authorised organisations. The AA framework is part of India’s digital public infrastructure, aimed at putting citizens in control of their own data.

“More money, more problems. For the affluent, managing finances often means more complexities, leading to anxiety,” said Kunal Shah, founder of CRED. “We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it through a trusted, insightful experience. CRED Money is for those who wish to have greater control over money without the pain of doing it.”

With this product, CRED targets the affluent class in India. Nearly 7 in 10 of India’s affluent live with fragmented finances across multiple bank accounts, wallets, and UPI IDs. The administrative overhead of managing money increases exponentially with time and wealth. Over time, transactions get fragmented across multiple accounts, and the anxiety around staying on top of things multiplies, it notes. 

The platform helps keep track of all the payments, be they SIPs, EMIs, rent, staff salaries, or insurance premiums. It sends reminders, updates, and offers easy ways to act on them directly with CRED UPI. CRED is a licensed financial information user, and provides service without taking bank account login credentials or statements. CRED Money will be rolled out to members in phases.



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