Earlier this month, CRED, released its financials for the year ended March 2024 at a press conference. Cred claims to have about 13 million monthly active users. For the financial year ended March 2024, it saw revenue rise more than 60% to nearly $300 million, and losses shrink by around 40% to about U$70 million. Plus, its monthly transacting users grew by more than 30%. Shah said how it's the top 10% of households who drive 60% of consumption. Even with UPI, he said, it was the top 30–40 million that drove billions of UPI transactions. And out of that target audience, Cred claims to have about 13 million monthly active users. But Cred says it does not present the option to take a loan for many of its users. And while a little more than a third of them are qualified to borrow, only about 10% have taken on a loan. According to Shah, Cred has taken a deliberately conservative approach here, which is what makes Cred unusual and 'popular with the chief risk officers of banks in India.' Tune in. We are now on WhatsApp at +918971108379! Text us or send us a voice note to tell us what you thought of this episode. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.