Indian fintech startup Cred has launched a new peer-to-peer lending product, dubbed Cred Mint, in partnership with Liquiloans.
The newly launched investment product will allow users to earn interest on their idle money.
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Cred said its members can sign up for investing in a capital pool via Cred Mint, which will then lend out loans through Cred Cash, a lending product.
The fintech firm, which recently acquired unicorn status, has disbursed over $268.46m (INR20bn) over the past year through CRED Cash.
The firm stated that on average its members have INR200,000 sitting in their savings account and those who choose to sign up for Cred Mint can earn up to 9% interest rates on their investment.
Member can invest from $1346.75 (INR100,00) to $13467.55 (INR1m) and withdraw the partial or full amount with no penalty.
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By GlobalDataCred founder Kunal Shah was quoted by YourStory as saying: “We believe in enabling those who demonstrate responsible financial behaviour with the privileges they deserve. The product democratises access to inflation-beating interest rates, and a frictionless, transparent, and delightful financial experience for CRED’s high-trust members.”
In April 2021, Cred concluded its $215m Series D funding, which valued the company at $2.2bn.
The firm was launched in 2018 and operates in the e-commerce, payment, investment, and lending segment
It claims to have onboarded over three million customers in the last two years and caters to brands like Samsung, Myntra, Puma among others.
