CRED gets RBI nod to operate as payment aggregator

Fintech firm CRED has received approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).

In a statement, the company said the licence allows it to onboard merchants, collect payments on their behalf through multiple payment instruments, and manage settlements and refunds. CRED already holds a Prepaid Payment Instrument (PPI) licence, while its group entities possess a corporate agency licence from IRDA, a registered investment adviser licence from SEBI, and a TPAP licence from NPCI.

CRED Founder Kunal Shah said, “Stakeholder trust has been central to how we’ve built CRED from the get-go; we’ve operated with a high bar for performance, reliability, transparency, and governance from day zero.”

In FY2024–25, CRED processed payments exceeding Rs 8.5 lakh crore for its 1.5 crore members. The company said that more than one-third of all credit card bill payments in India are made through its platform.

“The authorisation to operate as a payment aggregator reflects the trust we’ve consistently built across the ecosystem and sets the foundation for the next chapter of enabling financial progress for India’s most creditworthy,” Shah said.

CRED reported consolidated operating revenue of Rs 2,735 crore in FY25, marking a 16% increase from the previous year. Operating losses fell by 51% to Rs 298 crore, while total losses for the year narrowed by 11.5% to Rs 1,457 crore.

Founded in 2018, CRED offers services such as credit card bill payments, credit score tracking, and other financial management tools.