Bengaluru-based Dreamplug Technologies Private Limited, better known as Cred, has launched a new set of offerings on its platform to tap into newer segments in financial services. The company has launched its first co-branded Rupay credit card with IndusInd Bank, along with a new rewards program for redemption across its merchant tie-ups, flights, hotels, and other Cred offerings.

To tap into the niche users, it has launched the co-branded, invite-only ‘Sovereign Card’, which provides access to early-stage investments with India’s top investors, curated art, and collectables, among other benefits. The new credit cards are aimed at a different end of the spectrum, Kunal Shah, Founder, Cred, said, “What we’re doing is launching a sort of membership that works for a very small group, and that cohort exists on Cred. And we are building a card that can be more inclusive and works for the majority of our members in some way, and looking to scale both in parallel”.  

Cred has also ventured into allowing its users to buy digital gold and receive physical possession of gold within 48 hours. It also allows us to sell digital gold or redeem it by buying jewellery at any Tanishq or Caratlane outlet. The app users will also be able to invest in fixed deposits of up to ₹20 lakh each across RBI-regulated financial institutions, for which it has currently tied up with five banks and two NBFCs.

According to the company, it has over one and a half crore active monthly users as members and approximately 18 lakh users of Cred Money. Launched a year ago, the Cred Money dashboard provides a consolidated view of income and expenses across the user’s bank accounts, and will now also reflect the new offerings. Explaining the adoption of its products, Kunal Shah states that cross-selling of products is not sequential and doesn’t depend on users trying one after another.

In the case of Cred, for instance, the company’s personal loans customers are the largest compared to other offerings, such as money or garage users. “If the customer comes to our platform and uses any of our services, the cross-sell opportunities remain quite potent, and that seems to be what is working for us right now,” Shah added. 

In June of this year, the company raised $75 million in Series G funding, led by GIC of Singapore, Sofina, and RTP Global, with additional investors including DST Global, Tiger Global, Sequoia Capital India, General Catalyst, Alphawave Global, and others from earlier rounds. The company reported that in FY23–24, its revenue grew 66% year-over-year to ₹2,473 crore, while operating losses decreased by 41% to ₹609 crore. Cred is expected to post its FY25 results in the coming days.