Kunal Shah’s second act as an entrepreneur is going well, to say the least. His fintech, Cred, is currently worth $4 billion after three valuation spikes since November 2020, and its revenues, perhaps a more important measure, have been growing strongly since last year.

When so many startups added users however they came, Cred targeted the premium slice of consumers, becoming their go-to app for paying credit-card bills. It rounded off its platform play by introducing more financial services (credit, rent payments) and ecommerce (brand store).

Shah described these financial services as additional app features, but they are proving surprise winners. Lending, the biggest of them, is now a core business for Cred, accounting for at least 40% of its revenues, said two people familiar with the matter. In two years, it has helped banks and NBFCs create a loan book of Rs 5,000 crore ($644 million).