Fintech unicorn CRED has announced the acquisition of Y-Combinator backed savings and investment platform Spenny for an undisclosed amount.
“The work of CRED and with Kunal (Shah) have done to inculcate positive financial behavior has been an inspiration,” Spenny’s cofounder Rathin Shah tweeted. “We’re excited to start a new journey working with the CRED team to take this mission forward. Onwards & upwards.”
According to media reports, Rathin Shah will also join the product team at CRED, while Spenny will continue to function independently. According to CRED, taking over a company for its employees’ skills rather than its products or services is known as “acquihiring,” according to CRED.
The Bengaluru-based investment app Spenny was founded in 2019 by Rathin Shah and Gaurav Arora to increase India’s investing population from 3% to 15% over the next five years by creating accessible, fast, automatic, and fun investment products. Lendbox, a P2P NBFC, and the platform also collaborated to facilitate investment and fund transfers.
With an increase in revenue of approximately 340% to INR 422 crore from the previous year, CRED reportedly had a net loss of INR 1,279 crore in the financial year 2022.