CRED Launches Sovereign Co-Branded Credit Card with IndusInd Bank

Fintech leader CRED has officially introduced its highly awaited co-branded credit card named Sovereign, in collaboration with IndusInd Bank. This card represents a significant foray into the premium credit card arena and is made from 18K gold, available exclusively on an invitation-only basis.

Startup Superb first reported in August that the company led by Kunal Shah was in partnership with IndusInd Bank to create this co-branded card. The recent announcement confirms this collaboration, placing CRED among an increasing number of fintechs entering this lucrative market.

Expansion of CRED’s Services

This launch signifies CRED’s move beyond its traditional offerings such as bill payments, lending, and commerce. The company has also included additional features like credit score tracking, shopping assistance, travel services, and insurance management, laying the groundwork for the premium Sovereign card.

CRED’s User Base and Financial Overview

As of June 2024, CRED boasts over 13 million active users each month. According to various sources in the startup data sector, the fintech company has successfully raised over $1 billion through nine funding rounds. This includes a $75 million down round led by GIC in May 2025, which estimated the company’s value at $3.64 billion, reflecting a 45% decrease from its previous valuation of $6.4 billion during a $140 million Series F funding round in 2022.

Insights on CRED’s Financial Performance

CRED is targeting profitability by the end of the fiscal year 2026. However, for FY24, the company’s net loss increased by 22%, reaching Rs 1,644 crore, which also incorporates costs related to employee stock ownership plans and taxes. During the same fiscal period, CRED’s revenue experienced a significant year-on-year growth of 66%, amounting to Rs 2,473 crore. The annual financial report for FY25 is pending submission.

Market Positioning of Sovereign

By maintaining its invitation-only strategy with the Sovereign card, CRED may be perceived as holding on to past strategies rather than innovating for the future. The rationale behind this perspective is straightforward; IndusInd Bank may lack the premium prestige required to align with such an exclusive offering. While it will be intriguing to observe the benefits that Sovereign will provide to generate interest, the card will undoubtedly encounter a crowded and competitive market landscape.

In addition to existing notable players, there is the unique challenge posed by influencers who guide consumers in making choices even in the super-premium segment. This quest for greater value has, without question, elevated the cost of customer acquisition, a journey that CRED has undertaken for long enough to recognize the volatile nature of the returns.