Kunal Shah-led fintech unicorn CRED announced acquisition of online financial planning and investment platform Kuvera. With this CRED enters the wealth management space as it looks to leverage Kuvera’s three lakh-active “affluent” investor community while offering users newer financial products alongside payments, loans and insurance.

CRED founder Kunal Shah.(Instagram/@kunalb11)

Kunal Shah said in a statement, “Kuvera is extremely popular among financially savvy Indians; their products and vision are aligned with CRED’s principle of investing for long-term value creation rather than short-term entertainment. Look forward to working and sharing learnings with the Kuvera team in our mutual intent to enable financial progress.”

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On social media platform X (formerly Twitter), he said, “At CRED, we build good habits by making mundane chores less boring for the 1% – whether it’s paying bills or managing cars. Because when it comes to wealth, consistently doing the right thing is more effective than chasing momentary highs”, adding, “Kuvera – soon to be a part of CRED – has built a loyal community of affluent investors by making the powerful tool of compounding delightful and easy to use.”

Kuvera was last valued at $100 million and for financial year 2023, the fintech’s consolidated operating revenue dropped 69 per cent from 2.9 crore in FY22 to 89 lakhs.

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