Kunal Shah-led fintech unicorn, CRED, has introduced a new feature called CRED Money. This new tool aims to address the issues of fragmented finances that many affluent Indians face. CRED Money helps users manage their finances and gain deeper insights into their financial management by consolidating data from all their bank accounts.
Key Features and Benefits
CRED Money offers a unified view of balances and transactions across various bank accounts, wallets, and UPI IDs. This feature simplifies financial decision-making by allowing users to analyze their spending patterns and search for transactions by merchant or category. Additionally, CRED Money sends reminders for recurring payments like SIPs, EMIs, rent, and insurance premiums, enabling users to make these payments directly through CRED UPI.
Account Aggregator Framework
CRED Money uses India’s account aggregator framework, a system introduced by the Reserve Bank of India. This framework facilitates the secure and encrypted sharing of financial data across multiple institutions, giving users control over their information. With this system, CRED Money can present financial data in an organized format without requiring manual input from users.
Addressing Fragmented Finances
According to CRED, nearly 70% of affluent Indians struggle with managing finances spread across multiple platforms, which can lead to poor financial decisions and affect credit scores. “More money, more problems,” said CRED founder Kunal Shah. “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.”
Phased Rollout
CRED Money will be gradually rolled out to members starting July 25. The company has also recently acquired Kuvera, a platform for mutual fund and stock investments, further enhancing its offerings.
CRED Money is a significant step towards simplifying financial management for users, providing them with a comprehensive view of their finances, and helping them make better financial decisions.
