Cred Acquires Kuvera to Enter Wealth Management Market

Indian fintech company, Cred, has announced its plan to venture into the wealth management sector through the acquisition of the mutual fund and stock investment platform, Kuvera.

Cred’s Expansion

Cred, initially established as a credit card bill payment app, has been rapidly diversifying into new markets, pushing its valuation to $6.4 billion. The fintech giant’s strategy to expand into the wealth management market exemplifies this diversification.

About Kuvera

Kuvera, the mutual fund and stock investment platform, currently manages assets worth over $1.4 billion for its 300,000 users. Since its inception, the company has raised roughly $10 million in funding, with the most recent round of $4.5 million coming from Eight Roads Ventures, a subsidiary of Fidelity International, in April 2019.

Despite the acquisition, Kuvera will continue to operate independently. Cred founder, Kunal Shah, commented on the acquisition, stating that Kuvera’s products and vision align with Cred’s principle of investing for long-term value creation.

Previous Ventures into Wealth Management

The acquisition of Kuvera is not Cred’s first venture into the wealth management arena. In June last year, the fintech company acquired Spenny, a micro-saving app that invests users’ spare change from online transactions into digital gold and mutual funds. Cred’s move to acquire Kuvera reinforces its intentions to expand further into the wealth management sector.

Financial details of the Cred-Kuvera deal have not been disclosed yet.