India

CRED Expands into Digital Wealth Management with Strategic Acquisition of Kuvera

CRED has finalized an agreement to purchase Kuvera, marking its expansion into the digital wealth management sector.

Kuvera, known for its substantial customer base of over 300,000 and managing assets exceeding $6 billion, caters primarily to retail investors. Its platform, which provides access to zero-commission funds and a variety of asset management tools, attracts clients who invest well above the average amount.

After the acquisition, Kuvera will maintain its operational independence and focus on expanding its network and brand presence, all while collaborating closely with CRED. Furthermore, Kuvera's range of services, including the management of ongoing client investments, will continue without disruption.

CRED is renowned for its platform that incentivizes credit card payments among users and has been recognized as the fourth-largest application in terms of value processed through India's Unified Payments Interface, a real-time payment system. For the fiscal year ending March 31, 2023, CRED reported a revenue of approximately $178.3 million, which is a 3.5-fold increase from the previous year.

Beyond digital wealth management, CRED has also entered the buy now, pay later market with the introduction of CRED Flash last year. This service, facilitated by Parfait Finance and Investments—a non-banking financial entity regulated by the Reserve Bank of India—underscores CRED's ongoing diversification into new financial services.