Kunal Shah's CRED acquires Kuvera, enters in wealth management space: Details

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.

Read more: Will your EMIs come down? What RBI's repo rate decision could mean for you

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."

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.