Need a Credit Score of 750 to work at Cred, Kunal Shah Explains!
Fintech giant Cred, led by Kunal Shah, has set a unique hiring requirement—job applicants must have a credit score of 750 or above to be considered for a role. The company believes in practicing what it preaches, ensuring that employees themselves follow responsible financial habits.
Why Cred Checks Credit Scores?
Speaking at a company event on February 25, Shah explained that since Cred promotes financial responsibility, its team must reflect the same values. While he initially considered an 800+ credit score requirement, he acknowledged that younger professionals might not have enough credit history. However, 750 is achievable, and Cred even helps candidates improve their scores within three months if needed.
This practice is uncommon in India but widely followed in developed countries, particularly for roles involving finance and data security. Shah noted that many people have low credit scores due to errors they are unaware of, such as unclaimed loan accounts affecting their reports. Cred assists candidates in fixing such issues.
Cred’s New Credit Management Platform – Svalbard
On the same day, Cred introduced Svalbard, a suite of tools aimed at helping users track and improve their credit scores. The company already requires a 750+ score for users to access its products, and this feature is an extension of its mission to promote better credit awareness.
During the launch, Cred’s Product Head, Akshay Aedula, revealed that 79% of Indians have faced problems due to poor credit scores. He even shared that his own low score nearly cost him his job six years ago.
Cred Expands Lending Services
As part of Svalbard, Cred now allows users to pledge mutual fund investments to get digital credit lines with interest rates starting at 8.99%. This move aligns with Cred’s growing focus on lending.
Cred’s loan book has surpassed ₹19,000 crore, according to a Moneycontrol report on February 5. Of this, Cred’s NBFC arm, Newtap Finance, contributed 2.7%, with the rest coming from its six lending partners. Lending remains one of Cred’s key revenue streams, alongside payments and insurance.
New Credit Card Management Features
Cred is also upgrading its credit card management system with a unified dashboard that consolidates all card statements in one place. Users will get real-time credit tracking, spending insights, and a gesture-based interface for easier card management.
Founded in 2018, Cred was last valued at $6.4 billion in June 2022, after securing $140 million from GIC, Tiger Global, Sofina Ventures, Alpha Wave Ventures, and Dragoneer.
Cred continues to expand its offerings, focusing on India’s affluent consumers and making financial management simpler and more efficient.
