CRED Adds Gold, Credit Card, Members-Only ‘Sovereign’ Club To Its Super App

Fintech unicorn CRED has rolled out a new set of services and products for its users, including a co-branded credit card, an expanded personal finance management feature, and an invite-only membership programme called Sovereign. 

With Sovereign, CRED is also entering the concierge services game, as the company promises “early-stage investment access with India’s top investors, curated art and collectibles; cultural influence, and white-glove travel including civilian spaceflight,” as per its press statement. 

Among the new financial services products, CRED has added gold investments, fixed deposit and portfolio management as well as the credit card co-branded with IndusInd Bank.  

CRED’s ‘Yosemite’ Suite

The new products are part of CRED’s Yosemite release, an update to the overall platform which revamps some of its existing products. For instance, CRED users can now see their complete portfolio, bank balances, mutual funds, stocks, NPS, fixed deposits and gold, in one dashboard on CRED Money. 

Users can also invest directly in fixed deposits from partner banks and NBFCs, and buy, sell or redeem 24 carat gold through the app.

The CRED IndusInd Bank RuPay credit card offers 5% rewards on ecommerce spends and 1% on offline transactions. Points can be redeemed across more than 500 merchants, flights, hotels and the CRED store.

Further, in its financial management platform CRED Money, the users now can create a basket of FDs, with an option of investing up to INR 20 Lakh per RBI regulated entities. As of now there are five banks and two NBFCs on the platform, however the company didn’t reveal the names of the said entities. 

CRED Money users can also buy up to 30 grams of 24K gold on the platform at live market rates. According to the startup, the members can also sell them in-app at live market value. 

More details on these new products will be released in due time, the company did not speak about its business performance, profitability, revenue growth and other fundamentals at the launch event. 

CRED’s primary focus was on Sovereign, a closed membership club — similar to the premium concierge services launched by the likes of Indulge Global, RedBeryl, Swiggy Crew — for select individuals. Besides an 18 carat gold credit card, Sovereign will give members access to perks such as early-stage investments, global art auctions, curated travel experiences and more. 

Can CRED Fix Its Bottomline? 

Like it did earlier this year with the Svalbard release, CRED is going all out to revamp all its products at once with the Yosemite release. The company needs its new products to relieve some of the pressure from its lack of profitability since inception and the intense competition in the fintech space.

In this regard, the new launches underscores CRED’s attempt to corner more of the premium segment in the financial services space. 

The launch follows CRED’s fundraise of $72 Mn (INR 617 Cr) in a down round led by Singapore’s GIC in June 2025, which came at a $3.5 Bn valuation, nearly 45% lower than its peak $6.4 Bn valuation in 2022. 

The devaluation comes on the back of a larger trend in India’s late-stage startup ecosystem, where companies such as Udaan, Exotel, Eruditus among others have seen a drop in valuation either due to discounted secondaries or through buybacks. 

For CRED, the markdown can be seen as significant as the Kunal Shah-led startup is said to be preparing for an IPO within the next two years.

But one of the hurdles in its way is the heavy losses over the past few years. In FY24, CRED’s operating revenue grew 71% to INR 2,397 Cr from INR 1,400 Cr in FY23. Losses, however, widened 22% YoY to INR 1,644 Cr. 

While customer acquisition costs and marketing spends dropped sharply in FY24, the company is yet to show a clear path to profitability. A Fitch note earlier this year said CRED expects to halve operating losses in FY25 and move close to breakeven by FY26. But the projections don’t offer any clarity on net profit. 

Last year, under the Svalbard release, CRED launched secured loans to augment its lending business which shrank as low ticket personal loans came under regulatory scrutiny. At the same time, it launched a credit history tracking product to dive deeper into the lending space. 

Besides this, the 2023 acquisition of Kuvera has also been central to its push into wealth management. Kuvera gives CRED access to a base of high-value investors, with an average assets under management (AUM) of INR 15 Lakh per user. 

CRED has been using this to drive adoption of secured lending products, positioning itself against rivals like Groww and Zerodha but with a more premium, closed-user approach.