Cred Unveils Rs 95.5 Crore Revenue in FY 21, Applies for Account Aggregator Licence

Dreamplug Technologies, which operates fintech startup Cred, has reported total revenue of Rs 95.5 crore for the financial year ending March 31, 2021 (FY21). In FY20, it was Rs 18.14 crore.

The company reported a total loss of Rs 523.8 crore on a consolidated basis, compared to Rs 361.1 crore for the year-ago period.

Total revenue from operations grew to Rs 88.6 crore from about Rs 52 lakh.

The company is in the process of applying for an account aggregator (AA) licence from the Reserve Bank of India (RBI), regulatory filings showed.

Account Aggregator aspirations Dreamplug AA Tech Solutions, an entity it incorporated in January 2020, is seeking to apply for an account aggregator license, the filings revealed.

"The company (Dreamplug AA) has been incorporated to engage as an information technology driven accounts aggregator and undertake the business of providing the service of retrieving and collecting such financial information pertaining to its customers," Cred said.

An account aggregator (AA) is a type of RBI regulated entity that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.

Reportedly, Cred was in talks to also apply for a payment aggregator license from the RBI. A payments aggregator enables merchants to receive digital payments from multiple platforms without having to enter into individual tie-ups with service providers.

Its latest regulatory filings show that the company has incorporated 'Dreamplug PayTech Solutions' to acquire the payments aggregator license.

The company's account and payment aggregator aspirations come at time when the company raised successive rounds of funding. It raised $251 million co-led by Tiger Global and Falcon Edge in October last year, valuing the startup at about $4 billion.

(Source: The Economic Times)