According to TechCrunch, citing sources, the startup received preliminary approval from the Reserve Bank of India (RBI) for a payment aggregator license this week.
The development marks a step forward for the fintech company in expanding its business offerings.
The company did not immediately comment when reached.
According to the report, CRED has received the in-principle license approval following the RBI's recent crackdown on fintech activities and increased caution in granting licenses to enterprises.
Earlier this year, Zomato Payments Pvt Ltd (ZPPL), a wholly owned subsidiary of online food delivery platform Zomato, was granted a certificate from RBI to operate as an 'Online Payment Aggregator'. In February, CRED inked a deal to acquire online wealth management platform Kuvera in an effort to take on companies like Zerodha and Groww.
News of Kuvera's acquisition first surfaced in October last year.
According to the company, following the acquisition, Kuvera's founders, team and products will continue to operate independently while working closely with CRE leadership to grow their network, ecosystem, brand and delivery.
The development marks a step forward for the fintech company in expanding its business offerings.
The company did not immediately comment when reached.
According to the report, CRED has received the in-principle license approval following the RBI's recent crackdown on fintech activities and increased caution in granting licenses to enterprises.
Earlier this year, Zomato Payments Pvt Ltd (ZPPL), a wholly owned subsidiary of online food delivery platform Zomato, was granted a certificate from RBI to operate as an 'Online Payment Aggregator'. In February, CRED inked a deal to acquire online wealth management platform Kuvera in an effort to take on companies like Zerodha and Groww.
News of Kuvera's acquisition first surfaced in October last year.
According to the company, following the acquisition, Kuvera's founders, team and products will continue to operate independently while working closely with CRE leadership to grow their network, ecosystem, brand and delivery.
