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Last month, CRED rolled out its peer-to-peer investing product CRED Mint, in association with Liquiloans, an RBI-registered P2P NBFC. While many CRED members were excited about this launch, they found that they needed to apply for early access and were added on a waitlist. What is the reason behind products like CRED Mint being rolled out slowly rather than all at once?

What is CRED Mint?

First, let's talk about CRED Mint. This is a community driven P2P investment product launched by CRED in partnership with Liquiloans. Members who participate in CRED Mint can earn inflation-beating interest rates of up to 9% per annum, higher than traditional methods. CRED has made the process of investing money with Mint easy, transparent, and fast. Members can put in between 1,00,000- 10,00,000 in under two minutes, commission-free. They can request withdrawal in one click, partially or in full at any time with no penalty, and earn interest for the period invested. The withdrawal process is fully online, and the money with interest will be returned to the investor within a working day.

Investments made in CRED Mint will be lent out through CRED Cash, a lending product created for high-trust CRED members, in partnership with licensed banks and NBFCs.

Who can use CRED Mint?

CRED Mint has been created for the CRED community- where members have a credit score over 750, making them ‘high trust’ by nature. Members that have unlocked access or have been invited by someone with access can view the CRED Mint option under the ‘money’ tab on the home screen of the app. Alternatively, they can click the ‘control’ button on the home screen to access it. The product is currently available to a closed group of members and will be rolled out to a larger member base over time.

Why can’t all CRED members access CRED Mint?

CRED Mint was initially opened only to team members at CRED. This was done to test the product and overall product experience. After a successful pilot with team members, the product is being rolled out to other CRED members. The phased rollout is to ensure that each investment made in CRED Mint is managed responsibly- minimising risks by diversifying investments across 200+ borrowers on average, and ensuring a high quality loan book is maintained on CRED Cash (where default rate for credit given has historically been less than 1%).

Other products launched by CRED have also been rolled out in a similar manner. CRED Cash, which was launched in April 2020, was also rolled out in phases. The product has performed exceedingly well and members have grown to trust CRED Cash for emergency spends over the past year; with over 2,415 crore disbursed by regulated partners. In addition, CRED Pay - a payment experience for CRED members on leading brand platforms was also piloted with 30 merchants before its launch.

To get access to tailored financial products like CRED Cash, Mint and Pay, download the CRED app and opt to be part of its ‘high trust’ community. Click here to apply for early access to CRED Mint.

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