How FreeCharge founder’s latest venture raking up $300 million valuation in just 5 months of launch
16 April 2019 6:30 PM GMT
Within five months, Shah's Cred, which allows�credit card users to pay their�bills and earn coins that can be used to claim rewards from brands, is already galloping when it comes to attracting�tonnes of capital in fewer rounds.
- The Reserve Bank of India's data for February 2019 says India has 46 million credit card users, up from 36.9 million in February 2018 and 29 million for the same period in 2017.
- While banks have been offering points to their customers for using credit cards which latter can redeem for rewards, the market for incentivising people for making credit card payments timely was left untapped until Cred was announced by FreeCharge founder Kunal Shah in November last year.
- However, within five months, Shah's Cred, which allows credit card users to pay their bills and earn coins that can be used to claim rewards from brands across categories including Cure.
- Moreover, Shah has many ways to monetise it including lending where users would be able to borrow capital for paying their credit card bills, added Lunia.
Next Story
