Fintech Unicorn, established by Kunal Shah announced the acquisition of wealth-tech farm Kuvera in a cash-and stock-deal to enter the wealth-management space. Though the size of the deal was not disclosed yet.

In an official statement, CEO of CRED, Kunal Shah quoted, "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."

As per the report, after the acquisition, Kuvera's founders and team will be operating their services independently, simultaneously, they will be in a close contact with CRED and work with them.

Kuvera's founder Gaurav Rastogi was delighted and quoted, "Through our engagement with Cred we realised that our core values of transparency, user value and simplicity align beautifully with each other. Together we see an exciting opportunity to fast-track building new products and features for our community while also bringing a trusted wealth-management solution to millions more."

Kunal Shah added, "Excited to welcome Kuvera and their team into the high-trust CRED ecosystem. 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."

Previously, in 2019, Kuvera secured $4.5 million in Series ‘A’ funding from Eight Roads Ventures, the investment arm of Fidelity International Limited.

According to the report of TechCrunch, before the acquisition, Kuvera had raised approximately $10 million through private funding rounds. After this the US asset management giant Fidelity will become a shareholder in CRED.

CRED was founded in 2018, which is a rewards-based payments app, helps users pay credit card bills, utility bills, rent and school fees, among other things. In FY23 its total income jumped to 1,484 crore from 422 crore in FY22, but its loss also widened to 1,347 crore from 1,279 crore in FY22.

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