Fintech major Cred has enabled a way for customers to manage bank accounts through its new product Cred Money.

Known as a flagship product, Cred Money assists users to manage their credit card usage.

The fintech major has given its word on providing one place that will enable customers to check all of their bank accounts and their balances

Additionally, it is said that select users will be able to access it beginning.

The product not only helps users to keep an eye on their transactions across several bank accounts and gain insight into their spending patterns, but can also make payments through its UPI integrated feature.

“An affluent Cred user makes close to 200 transactions per month across various UPI, net banking, subscriptions, investment apps and so on… this is an attempt at making those decisions easier to make and track,” said Akshay Aedula, head of product at Cred.

By gathering information from financial information providers that retain the customer's financial data and sharing it with financial information users (FIUs) such lending banks and organizations that offer financial services, account aggregators serve as an intermediary under RBI regulations. Cred works for the FBI.

Weighing in over $6 billion, the fintech major is known for expanding its portfolio range of financial services over the last few years, including wealth management, credit, and automobile and insurance management.

For an undisclosed fee, the company purchased Kuvera in February, an online wealth management startup supported by US financial firm Fidelity.

With the acquisition, Cred entered the rapidly expanding mutual fund industry in the nation, taking on established players like Groww and Zerodha.

Cred's revenue increased by more than three times to Rs 1,484 crore in the fiscal year 2023 from Rs 422 crore the year before. From Rs 1,279 crore to Rs 1,347 crore, its loss grew.