Get All Access for $5/mo

CRED Acquires Savings And Investment Platform Spenny As per available reports, Spenny will continue to function as an independent entity and Rathin Shah will join CRED's product team as well

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Fintech unicorn CRED has announced the acquisition of Y-Combinator backed savings and investment platform, Spenny, for an undisclosed amount.

Taking to Twitter, Rathin Shah, co-founder of Spenny has disclosed that, "The work of CRED and with Kunal (Shah) has done to inculcate positive financial behavior has been an inspiration. We're excited to start a new journey working with the CRED team to take this mission forward. Onwards and upwards."

According to media reports, Spenny will continue to function as an independent entity and Rathin Shah will join CRED's product team as well. CRED referred to the move as acquihiring, industry-speak for taking over a company for its employees' skills rather than its products or services.

Founded in 2019 by Rathin Shah and Gaurav Arora, the Bengaluru-based investment app Spenny aims to help increase the investing population of India from 3% to 15% in the next 5 years by creating investment products that are easy, fast, automatic and fun. The platform also collaborated with Lendbox, a P2P NBFC, for funds transfer and investment.

Reportedly, CRED recorded a net loss of INR 1,279 crore in the financial year 2022 even though its revenue jumped almost 340% to INR 422 crore from the previous year.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

News and Trends

IIT Kanpur Launches Hackathon to Empower Startups in Cybersecurity

Startups will pitch their solutions to a panel of industry experts, with selected teams gaining access to incubation support at IIT Kanpur to help bring their ideas to market

News and Trends

Broadcom Stock Soars on AI Growth Outlook

Broadcom's next-generation AI chips, built with advanced 3-nanometer technology, are set to debut in the spring