Cred Enters Insurance Via Garage Platform

Cred, a fintech unicorn that formerly focused on lending and payments, has now expanded into the distribution of insurance products, starting with auto insurance.

Users may handle insurance and pollution expiration dates, keep tabs on car spending, and keep track of traffic fines with Cred's Garage platform. It provides roadside help as well. Cred makes money through commissions from insurance companies, but car management is free.

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Cred got IRDAI approval for its insurance product and is growing its alliances with other insurance providers.

Since its September launch last year, Garage has gained 4.4 million members and 7 million registered automobiles. About 11 million of Cred's 13 million monthly users are actively transacting.

About Cred

Cred is a reward-based credit card payment platform that was founded by Kunal Shah.

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