Cred to offer employees new programme for wealth creation

Fintech firm Cred has said it will offer an 'Accelerated Wealth Programme' to its staff in addition to ESOPs and grants to create another avenue for its team to build wealth.

"Through this programme, team members can choose up to 50 percent of annual cash compensation in the form of special grant ESOPs that they can see grow along with Cred's growth. 100 percent of these grants can be vested on completion of one year from the allocation date," Cred said in a statement.

Annual cash compensation refers to fixed pay for an employee, and variable pay and bonus are not included in this.

Employees who have completed one year at the company will be eligible to participate in the programme and the option will be made available to the team every year, it added.

Cred has over 500 full-time team members and over 300 team members are eligible for the programme, it said in an emailed statement.

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"Growth comes with opportunities and responsibility. Our growth over the past 2.5 years has been possible because of the collective conviction and contribution of the team. With every team member being a stakeholder in our success, we believe in distributing the value earned as well," it said.

Cred said, in addition to the existing ESOPs (employee stock ownership plan) and grants made from time to time, the Cred Accelerated Wealth Programme will create another avenue for the team to build wealth.

The fintech platform allows customers to pay their credit card bills and receive points that can be used to make purchases on the platform. It has a large number of brands as members, including Myntra, Curefit, Samsung, Puma, and others.