CRED launches invite-only 18K gold 'Sovereign' credit card
What's the story
Fintech unicorn CRED has launched its first co-branded credit card with IndusInd Bank. The new offering, called Sovereign, is a premium addition to the market and comes in an 18K gold finish. It will be available on an invite-only basis. Details on charges and perks remain under wraps as of now. The move marks a major expansion for CRED beyond its core services like bill payments, lending, and commerce.
Market entry
CRED's user growth and financial performance
The launch of Sovereign positions CRED among a growing number of fintechs entering the premium card market. The company has over 13 million monthly active users as of June 2024. In FY24, CRED's revenue grew by 66% year-on-year to ₹2,473 crore. However, during the same time, its net loss widened 22% year-on-year to ₹1,644 crore. The FY25 annual report is yet to be filed.
Financial trajectory
Funding challenges and future goals
CRED has raised over $1 billion in nine funding rounds, including a $75 million down round led by GIC in May 2025. This valued the company at $3.64 billion, a 45% drop from its valuation during the $140 million Series F round in 2022. Despite these challenges, CRED aims for full-year profitability by FY26 as it continues to expand its service offerings.