Cred

In a dazzling display of creativity, OpenAI CEO Sam Altman harnessed the power of the newly-launched AI model Sora to transform a tweet by CRED CEO Kunal Shah into a mesmerising video. Altman launched Sora on February 15 on X and invited users to send prompts to him. Several X users then sent various suggestions to Altman based on which he created some stunning videos via this innovative new AI model. Among them was Shah and Altman responded to that by getting Sora to generate an awesome video from scratch.Kunal Shah's…

Indian fintech startup CRED has reached an agreement to buy mutual fund and stock investment platform Kuvera as part of an expansion into wealth management. The $6.4 billion Bengaluru-headquartered startup said it was attracted by Kuvera’s experienced team and expertise in enabling customers to invest directly in mutual funds and stocks with advisory and tracking tools. Kuvera, which manages assets of over $1.4 billion for its 300,000 strong user base, has emerged as a platform-of-choice for…

Kunal Shah-led fintech platform Cred is set to acquire Kuvera, an online wealth management startup backed by American investment firm Fidelity for an undisclosed amount, the company said in a release today.This development marks the entry of Cred into the mutual funds market, placing it in competition with industry leaders such as Zerodha, ETMoney and Groww.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine…

As the domestic regulatory environment gets heated, Cred cofounder Kunal Shah said that India continues to have a regulator which is innovating much faster than the fintech companies in the market. Shah was speaking at The Economic Times CEO Roundtable in Mumbai, as part of a panel that included top industry leaders such as Tata Sons chairman N Chandrasekaran, Kotak Mahindra Bank founder Uday Kotak, Arundhati Bhattacharya, CEO, Salesforce India, Prabha Narasimhan, CEO of Colgate-Palmolive India, Rishad Premji, chairman of…

Fintech giants Cred and PhonePe are forging partnerships with banks to act as distribution channels for their credit cards as they seek to expand their product offerings to grow revenues and boost user engagement on their platforms.Two people in the know told ET that while Cred has already started distributing Axis Bank credit cards through its platform, Walmart-backed PhonePe is in the process of partnering with Axis Bank for the same.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM…

Fintech company Cred has acqui-hired the founding team of YCombinator-backed personal finance app, Spenny. As a part of the arrangement, some founding team members, including Spenny founder Rathin Shah, will be joining the Cred product team and work on building new features. “The work Cred and Kunal (Shah) have done to inculcate positive financial behaviour has been an inspiration. We're excited to start a new journey working with the kickass team at Cred to take this mission forward. Onwards & upwards!’’, said Rathin…

Hi, this is Tarush Bhalla in Bengaluru. Over the last couple of weeks, we have been writing about how credit is becoming the cornerstone of any fintech business in India. While first-generation credit fintechs are gunning for profitability, stock trading platforms are venturing towards lending to expand their revenue channels. While some, such as Cred and Jupiter, are preparing to build their own books, others are relying more on the partnership model with banks, i.e., co-lending, in regulatory parlance.In today’s edition…

Kunal Shah's Cred is expanding its lending strategy as it looks to tap a wider user base beyond the top layer of customers and offer a wider use case for credit. In a major change to the company's lending strategy, Cred plans to tap into the large market of consumers who are new to credit, that is they have never taken any formal credit in the past, two sources in the know told ET. Also, Cred wants to go beyond pure play personal loans for its own users and tap into new opportunities around consumer durable loans or check…

Happy Monday! Capital markets regulator Securities and Exchange Board of India (Sebi) has sought suggestions from venture capital and private equity funds to potentially simplify regulations for the sector. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Top-level exits continue at Swiggy■ Accenture jumps on to the AI bandwagon■ AI4Bharat puts India on the map of cutting-edge AI innovationExclusive: Sebi may ease compliance for PE and VC funds Things may get easier for venture…

Cred-owned startup Happay has reportedly laid off 15% of its workforce. Cred's Kunal Shah acquired the business expense management solutions Happay in 2021. The company has laid off the employees in a restructuring exercise. As reported by The Economic Times, the exact number of impacted employees is not known right now. However, the company has reportedly laid off about 10 to 15% workforce. The job cuts have impacted employees across product, operations and marketing teams. Happay had a headcount of about 450-500 before…