Mumbai: Bengaluru headquartered firm Cred, a top third-party app for credit card bill settlements in India, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment app, said media reports.
The startup also operates a range of other products and services including a modest e-commerce platform, vehicle management services, and a curated travel package platform.
According to reports, the company valued at $ 6.4 billion received the approval this week.
In February, CRED forayed into the wealth management sector by acquiring Kuvera, an online platform, said reports.
This strategic move positions the company to directly contend with established players such as Zerodha and Groww in the wealth management sector.tum
