The Busy Brains
25 Jun 2023
Fintech unicorn CRED has acquired savings and investment platform Spenny in a strategic move to expand its presence in the lending and wealth tech sector. The acquisition aligns with CRED's vision and follows its previous acquisition of CreditVidta.
Fintech unicorn CRED has made a significant strategic move in the lending and wealth tech sector by acquihiring savings and investment platform Spenny. The financial details of the acquisition have not been disclosed, demonstrating CRED's commitment to expanding its market presence.
Spenny, established in 2019 by Gaurav Arora and Rathin Shah, operates as a micro-savings and investment platform. It encourages users to save and invest by setting aside a small portion of their daily transactions or online spending.
Spenny gained recognition as part of Y-Combinator's winter batch in 2020 and secured a seed round of $150,000. The acquisition marks an exciting collaboration, with Rathin Shah joining CRED's product team to enhance the company's expertise and capabilities.
CRED's acquisition of Spenny aligns with its strategic vision of strengthening its position in the lending and wealth tech arena. This move follows the undisclosed acquisition of fintech SaaS platform CreditVidta in 2022.
Despite facing a net loss of Rs 1,279 crore in the previous fiscal year, CRED achieved remarkable revenue growth, surging by almost 340% to reach Rs 422 crore. The company remains confident in its ability to generate sustainable revenue in the future, positioning itself for continued success in the market.