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CRED’s Bold Move: Acquihiring Savings Platform Spenny in 2023


In a groundbreaking move that has sent shockwaves across the fintech industry, CRED, the popular credit card bill payment and rewards platform, has made a strategic acquisition by acquihiring the cutting-edge savings platform, Spenny.

The acquisition was completed in 2023, signaling CRED’s commitment to expand its offerings and cement its position as a leading player in the financial technology space.

CRED’s Meteoric Rise

Founded in 2018 by Kunal Shah, CRED quickly emerged as a disruptive force in India’s financial technology sector. By creating an exclusive platform that incentivizes credit card bill payments, CRED attracted a massive user base of creditworthy individuals.

The platform’s gamified approach, offering rewards, cashbacks, and access to premium services, helped users improve their credit scores and financial well-being. This unparalleled success catapulted CRED into becoming a unicorn startup, achieving a valuation of over $1 billion in less than three years.

The Rise of Spenny

Spenny, on the other hand, was founded in 2020 by a team of innovative tech enthusiasts with a vision to revolutionize savings habits among users. Their unique approach to savings combined user-friendly technology, behavioral economics, and personalized financial planning to help individuals save and invest intelligently.

Spenny’s app-based platform quickly gained traction and garnered an impressive user base, creating ripples in the Indian fintech landscape.

The Acquihire Deal

CRED’s acquisition of Spenny came as a surprise to many industry experts, as both companies were experiencing significant growth independently. However, as per the details of the deal, CRED agreed to acquire Spenny entirely and integrate the entire Spenny team into its operations. The financial specifics of the acquisition have not been publicly disclosed, but rumors suggest it was a mix of cash and stock options, with the valuation of Spenny estimated to be in the range of $100-150 million.

Strategic Implications

CRED’s decision to acquihire Spenny carries profound strategic implications for both companies and their users. Here’s what we can expect:

Enhanced Savings Features:

By leveraging Spenny’s expertise, CRED aims to strengthen its savings offerings and provide users with smarter and more effective ways to manage their finances. The amalgamation of both platforms is likely to introduce an array of innovative savings tools and investment opportunities, empowering users to achieve their financial goals.

Deeper User Engagement:

With the addition of Spenny’s user base, CRED is set to expand its reach exponentially. The integration of Spenny’s technology will not only cater to its existing users but also attract a new segment of users who are specifically looking for robust savings and investment options.

Competitive Edge:

The acquihire deal enables CRED to maintain a competitive edge in the fiercely contested fintech landscape. As digital payment and financial management platforms continue to proliferate, CRED’s integration with Spenny positions it as a comprehensive financial wellness platform, offering unique benefits to its users.

Talent and Innovation Boost:

The acquisition brings onboard a pool of skilled professionals from Spenny who possess specialized expertise in savings and investment strategies. This infusion of talent will accelerate product development and innovation within CRED, fostering a culture of continuous improvement and growth.


CRED’s acquihire of Spenny marks a significant milestone in the Indian fintech ecosystem. By combining forces, these two innovative startups aim to redefine financial wellness for millions of users.

The deal is projected to be a win-win situation for both CRED and Spenny’s user base, opening up a world of possibilities for smarter savings, seamless payments, and improved financial planning.

As the integration unfolds over the coming months, users can look forward to exciting new features, enhanced rewards, and a comprehensive platform that caters to all their financial needs. With this strategic acquisition, CRED sets a new standard for financial technology startups and solidifies its position as a fintech behemoth that continues to pave the way for a financially secure future.

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