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CRED Secures Final Payment Aggregator License from RBI
11 Mar
Summary
- CRED has officially received the final payment aggregator authorization from the RBI.
- This license allows CRED to manage merchant payments, settlements, and refunds directly.
- The fintech firm also reported reduced operating losses and revenue growth in FY25.
CRED has officially obtained the final authorization from the Reserve Bank of India (RBI) to function as a payment aggregator. This regulatory approval, granted to Dreamplug Paytech Solutions Private Limited, permits CRED to directly oversee payment systems under the RBI's supervision.
The license empowers CRED to onboard merchants, collect payments on their behalf across various instruments, and manage subsequent settlements and refunds. This dual authorization, alongside its existing Prepaid Payment Instrument (PPI) license, strengthens CRED's position in the financial technology sector.
Financially, the Bengaluru-based firm has demonstrated progress. In FY25, operating losses saw a significant reduction, decreasing to Rs 298 crore from Rs 609 crore in FY24. Concurrently, consolidated operating revenue experienced a 16 percent increase, reaching Rs 2,735 crore.
CRED Founder Kunal Shah emphasized that stakeholder trust has been foundational to the company's growth. He stated that this new authorization reflects the trust built within the ecosystem and sets the stage for future initiatives aimed at enhancing financial progress for creditworthy individuals in India. CRED currently serves a member base exceeding 1.5 crore.
