How does CRED make money? (Business Model of CRED)

So without wasting time.

Let’s directly jump into it 👇 Image
1. In the past decade, several fin-tech ventures start emerging around the world in which India stood second among the total number of fin-tech startups.
2. While talking about the emerging fin-tech startups of the country one can’t ignore CRED which was started in 2018 by Kunal shah (founder of @Freecharge). Image
3. Cred is a platform to reduce the hassle of managing multiple credit cards and helps in making timely payments of credit card bills.

Also, on making timely payments with the CRED app users receive points that can be redeemed with rewards from its partners.
4. HOW TO BE A MEMBER OF THE CRED CLUB ?

Firstly, to enjoy the benefits of CRED one has to be a member of the CRED club.
CRED membership is offered based on the credit scores of the users. In India, a person’s credit scores range between 300-900 which is calculated by the credit bureau like CIBIL,Equifax, Experian.
Also, as mentioned on the CRED official website a credit score of more than 750 is considered as good and can be marked as a sign of CRED exclusivity club.
Image
5. REVENUE SOURCES OF CRED
Currently, CRED is not making any profits and looking to expand its userbase. If we focus on the possible revenue sources of CRED there can be multiple in the future.
The first possible source can be through data monetization. As mentioned in CRED privacy policy they won’t sell data to 3rd parties, but they can use data to enhance and personalize user experience. Also, the privacy policy can be easily modified as per the product-market fit. Image
As we all know in today’s world data is precious as oil and can be exploited in multiple manners to make benefit from it.

CRED has users financial data like how timely users made payment of the bill, their expenditure data, their credit scores data, and many other financial data
As they have data on our expenditure with that they can make the pitch of different products and can sell them. Also, providing the credit score data to lenders can help lenders to identify defaulters and prevent them from scams.
Therefore they can make multiple use of users’ financial data in the future and can make a profitable business model around it.

Currently, CRED points can be redeemed with multiple rewards form its different partners. They can also charge form their partners on making a deal
6. IS CRED APP SAFE ?

CRED is founded by Kunal Shah who previously founded Freecharge which manages more than millions of users and CRED is already running for more than two years. So, it seems that CRED is fully authentic and safe to use. Image
7. IS CRED APPROVED BY RBI ?

As for you to be the CRED member you have to allow app to verify details with RBI and if your credit card score is more than 750 you are good to go for the benefits.
8. HOW DO I SPEND MY CRED COINS ?

As you make payments with your credit card you earn CRED coins which you can use to claim rewards from different vendors available. You can also use the “BURN” option for the cashback which got credited to your personal card.
Recently BCCI announced CRED as official partner for IPL
End of the thread, Stay tuned for the another one.
#killthebill #CRED #IPL #Dream11 #BCCI
*DISCLAIMER* The Data used here is only for information purpose.

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