2021 sees yet another victory for the flourishing FinTech world as CRED, the leading Indian FinTech start-up, secures approval for a payment aggregator license. With the Reserve Bank of India’s green light, this $6.4 billion behemoth is poised to redefine its customer service and launch innovative products in a more efficient manner.
1. A Major Leap for CRED
Getting the in-principle approval for a payment aggregator license is a significant advancement for CRED. This boost will enable them to extend their services and develop their financial products exponentially.
2. Implications for the FinTech Market
CRED’s achievement will inevitably resonate throughout the FinTech ecosystem, propelling others in the field to strive for such regulatory approvals for broader financial capabilities.
3. Promoting Rapid Product Launches
Armed with the license, CRED now has the authority to expedite their product release process. This will help them swiftly experiment with new offerings, bringing fresh solutions to the market.
4. Improved Customer Services
The approval will also aid in enhancing the user experience. By breaking down barriers and intermediaries in payment processes, CRED can now offer more seamless and direct transactions to its clientele.
5. The Spotlight on Bengaluru
The Bengaluru-headquartered CRED is setting a golden standard for start-ups from the region. This journey from a start-up to an internationally recognized FinTech giant reflects the potential inherent in Bengaluru’s dynamic tech scene.
6. Valuation Points to Potential
With a current valuation standing at a whopping $6.4 billion, CRED’s new license fuels the prediction for an even brighter future. The valuation itself testifies to CRED’s potential to redefine Indian FinTech landscape.
7. The Crucial Role of RBI
The Reserve Bank of India, India’s central banking institution, has a fundamental role in CRED’s recent milestone. RBI’s approval emphasizes the vital part it plays in controlling and fostering the country’s FinTech environment.
Here’s to a future where innovative solutions in the FinTech landscape are not just a hope, but a reality. Time will tell how CRED utilizes this milestone in their quest of redefining the FinTech panorama. But if CRED’s past trajectory is anything to go by, we’re in for a game-changing ride.
Credit: BBC. TechCrunch, Reuters
