Fintech startup Cred has received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. This allows Cred to onboard merchants, collect payments on their behalf, and manage settlements and refunds.
Per a press release issued by the company, the fintech and its subsidiaries now hold two licences from the RBI: the Prepaid Payment Instrument (PPI) licence obtained earlier, and the payment aggregator (PA) licence received now. Group companies also hold a corporate agency licence from IRDA, a registered investment advisor (RIA) licence from Sebi (Securities and Exchange Board of India), and a TPAP (Third-Party Application Provider) licence from NPCI (National Payments Corporation of India).
Kunal Shah, the company’s founder, said, “Stakeholder trust has been central to how we’ve built CRED from the get-go; we’ve operated with a high bar for performance, reliability, transparency, and governance from day zero. The authorisation to operate as a payment aggregator reflects the trust we’ve consistently built across the ecosystem and sets the foundation for the next chapter of enabling financial progress for India’s most creditworthy.”
In FY25, Cred reported consolidated operating revenues of Rs 2,735 crore, up 16% year-on-year (YoY), as stronger product adoption improved monetisation and helped reduce losses. Its operating losses narrowed 51% YoY to Rs 298 crore, while total losses fell 11.5% to Rs 1,457 crore during the year.
Founded in 2018, Cred was initially known for its credit card bill payment platform, but has since expanded into a wider range of financial services. It now offers unsecured personal loans, secured lending products such as loans against mutual funds, and vehicle insurance (through its Garage platform).
