CosmicTaco

Cred's Revenue Soars 66% to $295M, Loan Portfolio Hits $1.8B

CosmicTaco · 2024-09-30T18:31:31.714386+05:30

- Fintech unicorn Cred reported a 66% increase in revenues to $295 million for FY24, driven by strong growth in lending, payments, and insurance businesses. - Despite a 25% increase in overall losses to $196 million, operating losses declined by 41% to $72 million. - Cred's customer acquisition costs reduced by 40%, while the number of monthly transacting users rose by 34% to 11.5 million. - Loans disbursed through its platform reached $1.8 billion, making it one of the largest loan portfolios handled by a privately held fintech in India. - Cred is exploring new loan offerings, including loans against securities and loans for cars and other vehicles. Source: [The Arc](https://thearcweb.com/article/cred-kunal-shah-fy24-revenue-loss-ipl-lending-VMBjt3rtFkAOuVTU)

Fintech unicorn Cred reported a 66% increase in revenues to $295 million for FY24, driven by strong growth in lending, payments, and insurance businesses.
Despite a 25% increase in overall losses to $196 million, operating losses declined by 41% to $72 million.
Cred's customer acquisition costs reduced by 40%, while the number of monthly transacting users rose by 34% to 11.5 million.
Loans disbursed through its platform reached $1.8 billion, making it one of the largest loan portfolios handled by a privately held fintech in India.
Cred is exploring new loan offerings, including loans against securities and loans for cars and other vehicles. Source: The Arc