CRED Acquires Savings And Investment Platform Spenny As per available reports, Spenny will continue to function as an independent entity and Rathin Shah will join CRED's product team as well
By Teena Jose
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Fintech unicorn CRED has announced the acquisition of Y-Combinator backed savings and investment platform, Spenny, for an undisclosed amount.
Taking to Twitter, Rathin Shah, co-founder of Spenny has disclosed that, "The work of CRED and with Kunal (Shah) has done to inculcate positive financial behavior has been an inspiration. We're excited to start a new journey working with the CRED team to take this mission forward. Onwards and upwards."
According to media reports, Spenny will continue to function as an independent entity and Rathin Shah will join CRED's product team as well. CRED referred to the move as acquihiring, industry-speak for taking over a company for its employees' skills rather than its products or services.
Founded in 2019 by Rathin Shah and Gaurav Arora, the Bengaluru-based investment app Spenny aims to help increase the investing population of India from 3% to 15% in the next 5 years by creating investment products that are easy, fast, automatic and fun. The platform also collaborated with Lendbox, a P2P NBFC, for funds transfer and investment.
Reportedly, CRED recorded a net loss of INR 1,279 crore in the financial year 2022 even though its revenue jumped almost 340% to INR 422 crore from the previous year.
