FinTech: Indian Fintech CRED Launches Mint, A Community Lending (P2P) Feature

August 20, 2021 | FinTech, News

CRED members can lend at upto 9% annually.

Three year old, India-based fintech startup CRED has launched ‘CRED Mint,’ a community lending feature, allowing its high-credit-rated members to lend to one another at rates earning as high as 9% per annum. A prospective member must have a minimum credit score of 750 to join the platform. (The Economic Times)

Launched by Kunal Shah, CRED rewards its 7.5 million users for paying credit card bills on time. The P2P lending facility is said to be the the fintech’s first investment-oriented product.


CRED has tied up with non-bank lender LiquiLoans for the Mint product. Members interested in lending their idle funds, even for short periods, pay into a capital pool. Borrowers draw from this pool paying interest at 12-13%, while lenders earn 9%.

Lenders can invest loan funds in the range from Rs 1 lakh (US$1,345) to Rs 10 lakh (US$13,450).

Shah was inspired to launch the product after observing how so many Indians let money idle away in a savings account earning pitiful returns.

“While we were studying user behavior on our platform, we realized that many of our members have lakhs in savings lying idle in their bank account, accruing interest rates which don’t even beat inflation,” Shah told ET in a video interview. “This is an erosion of wealth and as a community of high trust individuals we felt that P2P lending offers a low-risk investment opportunity for a CRED member investing in another.”

“It’s the first time our community members will be able to invest in one another directly,” Shah told TechCrunch. “It’s going to focus on high-quality, low-risk, but much better, inflation-beating returns you can get on your money.”


The fintech last raised $215 million in April and entered the unicorn club after its valuation vaulted to $2.2 billion in a round co-led by new investor Falcon Edge Capital and existing investor Coatue Management.

Related Story: European P2P Lending Platform Reports Surge In Loan Offtake

Image Credit: Flickr                                                  

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AI To Help Survey For Endangered Bats Under Bridges
September 22, 2021     Artificial Intelligence, News

Hundreds of thousands of bats from about 40 species routinely nest under US bridges, and many of them are endangered or threatened. Transportation departments must mandatorily check for them before…
Artificial Intelligence: AI Cameras In Amazon Delivery Vehicles Unfairly Penalize Drivers
September 21, 2021     Artificial Intelligence, News

Amazon (NASDAQ: AMZN) installed AI-powered cameras in its delivery fleet in February as an investment in safety technology across its operations. The company said at the time the system would…
FinTech: Assets, A New Product From Wise, Lets You Spend From Your Stocks Portfolio
September 21, 2021     FinTech, News

Wise (LON: WISE), the UK payments fintech previously known as TransferWise, has taken its first steps into investing solutions. Its Assets product allows users to invest in stocks but also…
Alternative Investments/ESG: ETFMG Launches Maritime Decarbonization ETF

ETF Managers Group, which created the highly successful Breakwave Dry Bulk Shipping ETF (NYSE: BDRY), has launched a sister ETF – the ETFMG Breakwave Sea Decarbonization Tech ETF (BSEA). The…