Cred reports revenue surge, cuts losses

Fintech unicorn Cred on Monday reported a 66% year-on-year jump in its revenue to Rs 2,473 crore for the previous fiscal, compared with Rs 1,484.6 crore in FY23, while reducing its operating losses by 41% to Rs 609 crore, from Rs 1,024 crore.

Cred founder Kunal Shah attributed the improved performance to the growth in monetised members, a drop in user acquisition costs, deepening customer relationships and successful product launches.