The RBI grants Cred a payment aggregator license
Fintech startup Cred has received final authorisation from the Reserve Bank of India to operate as a payment aggregator, marking an important milestone in the company’s expansion into digital payments infrastructure. With this approval, the company will now be able to onboard merchants directly, collect payments on their behalf, and manage settlements and refunds within its ecosystem.
According to a press release issued by the company, Cred and its subsidiaries now hold two licences from the Reserve Bank of India. Earlier, the fintech firm had received a Prepaid Payment Instrument (PPI) licence, and it has now added the payment aggregator (PA) licence to its regulatory portfolio. These approvals allow the company to strengthen its role in India’s rapidly growing digital payments landscape.
In addition to the RBI approvals, group companies under Cred also hold several other regulatory licences. These include a corporate agency licence from the Insurance Regulatory and Development Authority of India, a registered investment advisor (RIA) licence from the Securities and Exchange Board of India, and a Third-Party Application Provider (TPAP) licence from the National Payments Corporation of India, which enables participation in India’s digital payment ecosystem.
Commenting on the development, Cred founder Kunal Shah said that stakeholder trust has been central to how the company has built its business since inception. He noted that the company has maintained a high bar for performance, reliability, transparency and governance from the beginning. According to Shah, the authorisation to operate as a payment aggregator reflects the trust the company has built across the ecosystem and sets the foundation for the next phase of enabling financial progress for India’s most creditworthy users.
Financially, the company showed signs of improving performance in the financial year 2025. Cred reported consolidated operating revenue of ₹2,735 crore, representing a 16 percent year-on-year increase driven by stronger adoption of its products and improved monetisation. At the same time, the company managed to reduce its operating losses by 51 percent year-on-year to ₹298 crore. Overall losses also declined by 11.5 percent to ₹1,457 crore during the period.
Founded in 2018, Cred initially gained popularity as a platform that rewards users for paying their credit card bills on time. Over the years, however, the company has expanded far beyond its original offering and now provides a broader range of financial services. These include unsecured personal loans, secured lending products such as loans against mutual funds, and vehicle insurance services through its Garage platform, as it continues to position itself as a comprehensive financial services platform for India’s premium credit users.
