CRED to launch co-branded credit card with IndusInd Bank

Fintech unicorn CRED is preparing to enter the co-branded credit card market. Led by Kunal Shah, the company is partnering with IndusInd Bank to launch this new offering, according to three sources familiar with the development.

One source, who requested anonymity, stated, “The company has been planning a co-branded credit card for quite some time, but the final decision was made a couple of months ago.”

This initiative represents CRED’s next significant product expansion, moving beyond its core services of credit card bill payments, lending, and commerce.

In addition, CRED provides a variety of services such as credit score tracking, hidden charge detection, bill payment reminders, and cashback offers. It also grants access to shopping, travel packages, as well as tools for managing vehicle insurance, FASTag, and related features.

As of June 2024, CRED had approximately 13 million monthly active users.

The company was last valued at $3.64 billion following a $72 million funding round, as reported exclusively by Entrackr. This funding represents a nearly 43% decrease from its previous valuation of $6.4 billion during its Series F round, where it raised $140 million in June 2022.