Tech

CRED Acquires Happay-Full-Stack Expense Management Platform for Enterprises

CRED has announced the acquisition because it is delaying marketing-led hype and exploring real-world business potential. Happay, an eight-year-old startup that helps businesses manage their spending, is now part of CRED.

This news came through a post by Kunal Shah, the founder of CRED. He writes: “As workplaces become cashless, contactless, and paperless, professional spending accounts for more of our credit card invoices. Today, we welcome Happay to the CRED club and manage operating costs as a member’s reward. Expand the proposal to do. “

Founded in 2021, Happay started out as a simple peer-to-peer money transfer app. Since then, startups have grown over time, adding numerous features under their belts to become one of the most recognized spending management platforms for businesses. With happay’s expense card and mobile app, employees can automatically report expenses on the go in seconds. For administrators, there is a very high level of visibility and control over how and where money is spent in real time via the web and mobile.

The platform also offers corporate cards similar to standard bank cards, but much easier to use.

For CRED, this cold is a serious road to economic growth. The company has seen large user registrations, thanks to a very popular and quirky ad featuring a popular Indian cricket player, but was asked about its business model. Simply acting as a rewarding credit card payment platform does not lead to significant financial and business growth. With happay, CRED aims to change that.

CRED Recently raised $ 251 million In a round set up to help the company expand its current range of products. Shah has made it clear that CRED has become a full-stack financial services platform and credit card payments are just beginning.

The company has already introduced services such as CRED Cash, which provides users with flexible credit lines of up to 5,000,000 rupees at interest rates of 12% to 15%, and is affiliated with a non-bank financial institution (NBFC). As IDFC First Bank.

Its CRED mint is a peer-to-peer investment product from which CRED users can lend money to other members and earn up to 9% interest annually. In addition, CRED Pay has made its debut in the D2C and e-commerce industry. CREDPay allows users to redeem discounts using CRED Rewards Coins throughout their e-commerce site.

CRED Acquires Happay-Full-Stack Expense Management Platform for Enterprises

Source link CRED Acquires Happay-Full-Stack Expense Management Platform for Enterprises

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