Cred's user base remains steady at 13 million over the last 18 months
A prominent player in Indian Fintech industry, Cred’s user growth stalled at 13 million users over the past 18 months even though Fintech Cred has expanded beyond credit card payments to offer wealth management, e-commerce, travel, and automotive products and services in the last few quarters.
However, the bright side is that its share of UPI-based digital payments is increasing, almost doubling from 0.5 percent in April 2018 to 1 percent in the first three months of 2024. This year, the company’s market share has increased slightly from 1.5 to 2.3 percent in terms of value.
Cred’s user base reached 13 million monthly active users (MAU) in November 2022, according to data from app data tracking platforms Sensortower and Similarweb. It has been around this number for 16 consecutive months.
In February 2024, the MAU remained at around 13 million. The majority of months saw slight shifts in the number of active users.
Other than Cred, only PhonePe and Google Pay, the leaders in the UPI market, were able to increase their UPI market share during the same time frame. Amazon Pay and Paytm, two major players, have also seen significant market share declines.
Regarding this, one of the former Cred official says,“Cred has in between started acquiring customers with relatively lower credit scores in mid-2022, but those customers were not generating many transactions or buying more products and services on the platform. So, the company has gone back to its original thesis of having customers with higher profits and credit scores by mid-2023”.
