India’s Cred eyes digital wealth management with Kuvera acquisition

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Cred has struck a deal to acquire Kuvera in a cash and stock transaction, expanding the India-based fintech giant’s reach into digital wealth management.

Kuvera says it has a client base of over 300,000 and manages assets worth over US$6 billion. Users of the platform, which offers zero-commission funds and various asset management tools, are mostly retail investors who put in “significantly more” than the average investor.

Following the merger, the Kuvera team will continue to operate autonomously and grow its network and brand by working closely with Cred. Kuvera’s services, including ongoing client investments, will also remain uninterrupted.

Cred operates a platform that rewards users for paying via their credit cards. The company previously said it is the fourth-largest app by value on the Unified Payments Interface, India’s real-time payment system.

In October, Cred said it generated around US$178.3 million in revenue for the year ended March 31, 2023. This marks a 3.5x improvement over the same year-ago period.

In addition to digital wealth management, the company also ventured into the buy now, pay later scene last year with the roll-out of Cred Flash. The service is powered by Parfait Finance and Investments, a non-banking financial company registered with the Reserve Bank of India.

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