Fintech unicorn CRED has appointed B Sriram, a veteran of the financial services industry, as an independent director on its board, the company announced on Wednesday. Sriram brings over 40 years of experience in banking, finance, and technology to his new role and will provide guidance and counsel on CRED’s long-term strategy, growth plans, and execution roadmap.

CRED, led by Kunal Shah, has been actively expanding its offerings and is now focusing on expanding its lending services. Sriram’s expertise is expected to strengthen the company’s fintech offerings, drawing from his previous positions as managing director of State Bank of India, IDBI Bank, and State Bank of Bikaner & Jaipur. He has also held board positions in various subsidiaries of State Bank of India, including SBI Life Insurance, SBI General Insurance, and SBI Cards & Payment Services.

Currently serving as an independent director on the boards of ICICI Bank, National Bank for Financing Infrastructure and Development, and several other prominent organizations, Sriram’s domain expertise in the financial sector will be invaluable as CRED continues to innovate and build products for the top 10% of Indians, according to Kunal Shah.

CRED has successfully raised over $920 million in funding from investors such as GIC, Tiger Global, and Alpha Wave, bringing its valuation to nearly $6.4 billion. With an established brand and a large customer base, the company has been making strategic expansions into new segments. It launched its Scan & Pay UPI product in October last year and entered the buy now, pay later (BNPL) space in February. Additionally, CRED recently ventured into the luxury travel space with CRED Escapes.

These initiatives aim to boost the startup’s revenue amidst increasing competition and a challenging funding environment. However, despite its expansion efforts, CRED’s losses have continued to rise. In FY22, the company reported a year-on-year increase of 2.4 times in net loss, reaching INR 1,279 crore, while operating revenue surged 4.4 times to INR 393.5 crore. As CRED moves forward, the appointment of B Sriram is expected to contribute to the company’s growth and strategic development in the evolving fintech landscape.

Fintech unicorn CRED has appointed B Sriram, a veteran of the financial services industry, as an independent director on its board, the company announced on Wednesday. Sriram brings over 40 years of experience in banking, finance, and technology to his new role and will provide guidance and counsel on CRED’s long-term strategy, growth plans, and execution roadmap.

CRED, led by Kunal Shah, has been actively expanding its offerings and is now focusing on expanding its lending services. Sriram’s expertise is expected to strengthen the company’s fintech offerings, drawing from his previous positions as managing director of State Bank of India, IDBI Bank, and State Bank of Bikaner & Jaipur. He has also held board positions in various subsidiaries of State Bank of India, including SBI Life Insurance, SBI General Insurance, and SBI Cards & Payment Services.

Currently serving as an independent director on the boards of ICICI Bank, National Bank for Financing Infrastructure and Development, and several other prominent organizations, Sriram’s domain expertise in the financial sector will be invaluable as CRED continues to innovate and build products for the top 10% of Indians, according to Kunal Shah.

CRED has successfully raised over $920 million in funding from investors such as GIC, Tiger Global, and Alpha Wave, bringing its valuation to nearly $6.4 billion. With an established brand and a large customer base, the company has been making strategic expansions into new segments. It launched its Scan & Pay UPI product in October last year and entered the buy now, pay later (BNPL) space in February. Additionally, CRED recently ventured into the luxury travel space with CRED Escapes.

These initiatives aim to boost the startup’s revenue amidst increasing competition and a challenging funding environment. However, despite its expansion efforts, CRED’s losses have continued to rise. In FY22, the company reported a year-on-year increase of 2.4 times in net loss, reaching INR 1,279 crore, while operating revenue surged 4.4 times to INR 393.5 crore. As CRED moves forward, the appointment of B Sriram is expected to contribute to the company’s growth and strategic development in the evolving fintech landscape.