CRED vs Remitly: Revenue, Profit and Business Model
CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M. Remitly had $1.6B of annual revenue in FY2025 and $67.9M of net income.
Latest financial snapshot
Financial summary
CRED
CRED's revenue has climbed from ~$11 million (₹95 crore) in FY21 and ~$49 million (₹422 crore) in FY22 to ~$172 million (₹1,484 crore) in FY23 (total income), ~$287 million (₹2,473 crore) in FY24 and ~$317 million (₹2,735 crore) in FY25. Growth slowed to 16% in FY25, but the company cut its operating loss by 51% to ~$34.6 million (₹298 crore) and reported gross margins of about 70%. Total loss, which includes ESOP costs and depreciation, narrowed 11.5% to ~$169 million (₹1,457 crore). Funding history tracks the same arc: the valuation peaked at $6.4 billion in 2022, fell to about $3.5 billion in a $72 million GIC-led round in May 2025, and recovered to about $4.5 billion post-money when Meta led a $900 million Series H in June 2026 (roughly $500 million primary and $400 million secondary). Kunal Shah said at the time that annual revenue had crossed ~$371 million (₹3,200 crore), without naming the period.
Remitly
Revenue grew from $126.6 million in 2019 to $1.635 billion in 2025, and the company swung from a $117.8 million net loss in 2023 to $67.9 million of net income in 2025. FY2025 adjusted EBITDA was about $272 million and free cash flow about $283 million. In Q2 2026 revenue rose 20% to $495.2 million, send volume rose 27% to $23.5 billion, adjusted EBITDA reached a record $114.7 million, and net income of $205.9 million included a $140.6 million discrete tax benefit. Send volume growing faster than revenue points to a declining take rate as Remitly attracts larger, higher-value transfers. Remitly Global, Inc. is a major American digital financial services company specializing in international remittances, commanding a market valuation typically over $3 billion.
Revenue and profit by year
CRED
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$317.3M | ~-$169M | -53.3% | +10.6% | Source |
| FY2024 | ~$286.9M | ~-$190.7M | -66.5% | +66.6% | Source |
| FY2023 | ~$172.1M | ~-$156.3M | -90.8% | +251.7% | Source |
| FY2022 | ~$49M | ~-$148.4M | -303.1% | — | Source |
Remitly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.6B | $67.9M | 4.2% | +29.4% | Source |
| FY2024 | $1.3B | -$37M | -2.9% | +33.9% | Source |
| FY2023 | $944.3M | -$117.8M | -12.5% | +44.5% | Source |
| FY2022 | $653.6M | -$114M | -17.4% | +42.5% | Source |
| FY2021 | $458.6M | -$38.8M | -8.5% | +78.5% | Source |
| FY2020 | $257M | -$32.6M | -12.7% | +103.0% | Source |
| FY2019 | $126.6M | -$51.4M | -40.6% | — | Source |
Where the revenue comes from
CRED
- Lending distribution
Not formally reported
Fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs.
- Payments
Not formally reported
CRED Pay checkout, UPI and bill payments, where merchants and partners pay processing or marketing fees.
- Financial product distribution
Not formally reported
Insurance, mutual funds through Kuvera and other products.
- Brand partnerships and commerce
Not formally reported
Advertising, rewards and the CRED Store. Total revenue was ~$317 million (₹2,735 crore) in FY25.
Remitly
- Transaction feesMajor
Upfront fees charged on eligible transfers depending on corridor, speed, funding method, and promotion.
- Foreign-exchange spreadsMajor
Revenue from the difference between exchange rates offered to customers and Remitly's underlying currency cost.
- Related financial servicesEmerging
Ancillary services around migrant finance, business payments, and account-based products.
Business model and strategy
CRED
How it makes money
Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. The bill-pay habit is the acquisition engine; revenue comes from what CRED sells to that audience. The largest streams are: (1) lending distribution, where CRED acts as a lending service provider and earns fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs;
Growth strategy
CRED grows by selling more products to the same affluent members rather than chasing mass sign-ups. Bill payments bring users in; lending (CRED Cash), UPI and CRED Pay drive frequency; insurance, Kuvera mutual funds and travel raise revenue per user. Acquisitions have filled gaps: HipBar (a prepaid payment licence) and Happay in 2021, CreditVidya for underwriting data in 2022, and Kuvera for wealth in 2024.
Competitive advantage
CRED's edge is the quality of its audience. Membership is gated by a 750+ credit score, so every user is a proven, card-holding borrower. That makes CRED an efficient channel for lenders, insurers and premium brands, who pay to reach customers with high spending power and low default risk.
Remitly
How it makes money
Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Costs sit mainly in payout-partner and payment-processing fees, marketing, fraud and transaction losses, compliance and customer support.
Growth strategy
Under CEO Sebastian Gunningham, Remitly is pursuing three paths: adding send and receive corridors, moving upmarket to higher-value senders and small businesses, and broadening into products beyond one-off transfers, including Remitly Flex, a wallet and card, and the Remitly One membership. Management has also credited AI-driven operating efficiencies with funding growth investment while lifting margins.
Competitive advantage
Remitly's edge is corridor-level execution: licenses in many send markets, a payout network covering bank deposit, mobile wallet and cash pickup in a large number of receive countries, and risk models trained on years of remittance data. That combination lets it promise delivery times and keep fraud losses in check, which matters to customers who send money to family on a recurring schedule.
Questions about CRED vs Remitly
Which company has higher revenue — CRED or Remitly Global, Inc.?
CRED had ~$317.3M (FY2025), while Remitly Global, Inc. had $1.6B (FY2025). By latest annual revenue, Remitly Global, Inc. is the larger business, with CRED showing a smaller revenue base.
What is the market cap of CRED vs Remitly Global, Inc.?
Remitly Global, Inc. has a market capitalisation of $4.5B. A public market cap figure for CRED was not available (it may be privately held).
How does revenue per employee compare for CRED and Remitly Global, Inc.?
CRED has $264k / employee in revenue per employee, while Remitly Global, Inc. has $454k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CRED and Remitly Global, Inc. make money?
CRED and Remitly Global, Inc. generate revenue in fundamentally different ways. CRED: Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. Remitly Global, Inc.: Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer.
Is CRED bigger than Remitly Global, Inc.?
By last reported revenue, Remitly Global, Inc. ($1.6B (FY2025)) is the larger company compared to CRED (~$317.3M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CRED vs Remitly overview