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<ul><li>This feature will allow users of the <keyword id="11901149" type="UNKNOWN" weightage="20" keywordseo="cred-app" source="Orion">CRED app</keyword> to lend money to each other at an interest rate of up to 9% annually.</li><li>CEO Kunal Shah believes that this will be a low-risk investment, as it only allows select users with good <keyword id="11897635" type="UNKNOWN" weightage="20" keywordseo="cred" source="Orion">cred</keyword>it scores on CRED.</li><li>CRED had also launched its loan offering last year and has a loan book of ₹2,000 crore to date. </li></ul>Kunal Shah-led credit card payments app CRED will now enable a peer-to-peer (P2P) lending feature called <keyword id="11897640" type="UNKNOWN" weightage="20" keywordseo="cred-mint" source="Orion">CRED Mint</keyword> for its 7.5 million members. This will allow users of the CRED app to lend money to each other at an interest rate of up to 9% annually. The feature has been launched in partnership with P2P non-bank <keyword id="11897633" type="UNKNOWN" weightage="20" keywordseo="liquiloans" source="Orion">LiquiLoans</keyword> and will allow users to “invest” anywhere between ₹1 lakh to ₹10 lakh of their savings in a capital pool. This pool will then be used to lend to other CRED users, who are seeking a personal loan. These loans will be disbursed at a 12-13% interest rate annually. Of which upto 9% interest rate will be rewarded to those investing in the product. Shah, in an <a href="https://economictimes.indiatimes.com/tech/startups/cred-to-enter-peer-to-peer-lending-with-user-funds/articleshow/85463936.cms">interview</a> with The Economic Times, said that they realised that many of their users have lakhs in savings lying in their bank accounts and accruing interest rates, which don’t even beat inflation. The P2P lending model is not a new one in India. Other non-banks like LiquiLoans, LenDenClub and Rupee Circle are also operating in this category. However, one needs to realise that the returns on these investments are dependent solely on the repayments of the loans. The non-banks usually take the risk on their books and pay the lenders out of their own pockets in case of defaulters. Given that CRED only allows select users on this platform, Shah emphasised that a P2P sort of lending can offer a low-risk investment opportunity for its users. Notably, CRED only allows users with a credit score of 750 or higher on its platform. Founded in 2018, CRED started off as a credit card bill payments app. Over the years, it has entered e-commerce, lending, payments and now investment segments. Shah claims that about 25-30% of all credit card bill payments in India happen through its platform. Meanwhile, CRED launched its lending business in 2020 and its loan book is now at over ₹2,000 crore with non-performing assets at under 1%. CRED entered a unicorn club in April 2021, after raising <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-215-million-to-be-indias-latest-unicorn-with-a-valuation-of-2-2-billion/articleshow/81933639.cms">$215 million</a> in a round led by Falcon Edge Capital and existing investor Coatue Management. The company is now valued at $2.2 billion. A unicorn is a private firm valued at or more than $1 billion. Overall, the company has raised about $471 million to date from marquee investors like Dragoneer Investment Group, <keyword id="11901144" type="UNKNOWN" weightage="20" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword>, Sofina, DST Global and more. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/oyo-is-looking-to-hire-over-300-engineers-in-the-next-6-months-to-clear-path-to-profitability/articleshow/85456655.cms" data-type="tilCustomLink">OYO is looking to hire over 300 engineers in the next 6 months to clear ‘path to profitability’</a> <a href="https://www.businessinsider.in/business/startups/bharatpe-raises-200-million-in-debt-funding/articleshow/85454232.cms">BharatPe raises $200 million in debt to build a loan book of $1 billion by March 2020</a> <a href="https://www.businessinsider.in/business/startups/news/student-loan-provider-eduvanz-raises-100-crore-from-juvoventures-sequoia-and-others/articleshow/85453333.cms">Student loan provider Eduvanz raises ₹100 crore from JuvoVentures, Sequoia and others</a>

Credit card payments company CRED launches peer-to-peer lending option for its 7.5 million users

<ul><li><keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">CRED</keyword> was valued at $2.2 billion in April, when it raised $215 million in a Series D round.</li><li>The company has raised $600 million to date from investors like Tiger Global, DST Global and others.</li><li><keyword id="192201" type="General" weightage="20" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword> claims that about 25-30% of all credit card bill payments in India are processed by CRED.</li></ul>Kunal Shah-led <keyword id="803708" type="General" weightage="20" keywordseo="credit-card-payments" source="Orion">credit card payments</keyword> app CRED has raised $251 million in a round led by existing investors Tiger Global and Falcon Edge. The company’s valuation has doubled to $4.01 billion with this round. CRED was valued at $2.2 billion in April, when it raised<a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-215-million-to-be-indias-latest-unicorn-with-a-valuation-of-2-2-billion/articleshow/81933639.cms"> $215 million in a Series D </a>round. London-based Marshall Wace and Steadfast Venture Capital also participated in this round, along with existing investors DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer. It was first <a href="https://www.livemint.com/companies/news/cred-closes-251-million-fresh-fundraise-at-a-valuation-of-4-bn-11634581228658.html">reported</a> by Mint. A CRED spokesperson has confirmed the development to Business Insider. Founded in 2018, CRED started off as a credit card bill payments app. Over the years, it has entered e-commerce, lending, payments and now investment segments Shah, the founder and chief executive officer of the fintech startup, claims that about 25-30% of all credit card bill payments in India are processed by CRED. The company launched its lending business last year and claims to have a loan book of over ₹2,000 crore with non-performing assets at under 1%. Looking at these metrics, CRED introduced a<a href="https://www.businessinsider.in/business/startups/news/cred-launches-peer-to-peer-lending-option/articleshow/85477419.cms"> peer-to-peer lending option</a> on its platform in August this year. This feature would allow 7.5 million users to invest up to ₹10 lakh in a capital pool, which will be used to offer loans to other CRED users. The loans will actually be disbursed at an interest rate of 12-13% annually. Of which, upto 9% will be rewarded to those investing in the product. The company believes that the exclusivity of CRED would reduce the number of default loans. Notably, CRED only allows users above a certain credit score to set up an account on the platform. The company has raised $600 million to date. SEE ALSO <a href="https://www.businessinsider.in/tech/news/apple-macbook-pro-and-airpods-3-launched-indian-pricing-features-and-everything-you-need-to-know/articleshow/87128713.cms" data-type="tilCustomLink">Apple MacBook Pro and AirPods 3 launched – Indian pricing, features and everything you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/irctc-crosses-1-lakh-crore-in-market-cap-for-the-first-time/articleshow/87128390.cms" data-type="tilCustomLink">IRCTC crosses ₹1 lakh crore in market cap for the first time as investors adore its monopoly</a> <a href="https://www.businessinsider.in/retail/news/dmart-is-continuing-to-do-what-it-knows-best-but-the-street-wants-more/articleshow/87113806.cms">DMart is continuing to do what it knows best but the street wants more</a>

Kunal Shah’s CRED doubles its valuation to $4 billion in less than six months

<ul><li>This feature will allow users of the <keyword id="9163190" type="General" weightage="20" keywordseo="bharatpe-app" source="Orion">BharatPe app</keyword> to lend money to each other at an interest rate of up to 12% annually.</li><li>The company aims to generate a capital pool of $100 million and lend up to $50 million from this product by March 2022.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has disbursed over $300 million in business loans to over 2 lakh merchant partners under its P2P offering.</li></ul>Fintech startup BharatPe, which largely focuses on merchant payments, has forayed into consumer lending with the launch of its latest peer-to-peer (P2P) lending app named 12% Club. The platform will allow users to invest their savings — within the range of ₹10,000 to ₹10,00,000 — in a <keyword id="11937195" type="General" weightage="20" keywordseo="12-club-app" source="Orion">12% Club app</keyword>. The company will increase the upper limit of investment to ₹50,00,000 over upcoming months. This amount will later be used to give out loans of up to ₹10,00,000 to customers at a 12% annual interest rate. The loan will be collateral-free for the first three months and the company will charge no processing or pre-payment charges on these loans. The consumers investing via the 12% Club app can put in a request to withdraw their investment anytime, partially or completely, without any withdrawal charges. The loan eligibility will be defined based on several factors such as customer’s credit score, shopping history using multi-brand loyalty programme PAYBACK or payments done through BharatPe QR code. The company aims to achieve an investment asset under management/capital pool of $100 million and a lending of $50 million from this product by March 2022. Suhail Sameer, chief executive officer (CEO) of BharatPe said, “In the pilot phase, we have seen great traction with $5 million of monthly investment run rate and $1 million of monthly borrowing run rate. We are confident that this product will be well received in the market and will play a key role in driving financial inclusion in the country. This is just the beginning and we will be adding new customer products during the rest of the financial year.” Sameer further noted that their P2P lending product for merchants has witnessed a gross investment of close to $700 million by 6.3 lakh merchants. The company claims to have disbursed over $300 million in business loans to over 2 lakh merchant partners. Earlier this month, Kunal Shah-led credit card payments app CRED enabled a peer-to-peer (P2P) lending feature called CRED Mint for its <a href="https://www.businessinsider.in/business/startups/news/cred-launches-peer-to-peer-lending-option/articleshow/85477419.cms">7.5 million members</a>. The feature will allow users of the CRED app to lend money to each other at an interest rate of up to 9% annually. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/khatabooks-valuation-touches-600-million-with-zero-revenue-to-show/articleshow/85586956.cms">Khatabook’s valuation touches $600 million with zero revenue to show </a><a href="https://www.businessinsider.in/business/startups/news/hike-raises-money-for-the-first-time-in-five-years-to-experiment-with-crypto-gaming/articleshow/85588768.cms">Hike raises money for the first time in five years to experiment with crypto and gaming</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-sharechat-byjus-lead-the-funding-race-as-indian-startups-raised-6-5-billion-between-april-and-june/articleshow/85583697.cms">Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June</a>

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Credit card payments company CRED launches peer-to-peer lending option for its 7.5 million users

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Kunal Shah’s CRED doubles its valuation to $4 billion in less than six months

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BharatPe forays into consumer lending with latest peer-to-peer feature

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