CRED vs Toast: Revenue, Profit and Business Model
CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M. Toast had $6.2B of annual revenue in FY2025 and $342M 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.
Toast
Toast's revenue rose from $665 million in 2019 to $1.71 billion in 2021, the year of its NYSE IPO, $3.87 billion in 2023, $4.96 billion in 2024 and $6.15 billion in 2025. It reported its first full year of GAAP net income in 2024 ($19 million) and earned $342 million in 2025, with adjusted EBITDA of $633 million. In Q2 2026, revenue grew 23% to $1.91 billion, net income was $154 million, GAAP operating margin reached 26% and the company raised its full-year adjusted EBITDA guidance. Market capitalization was roughly $16-18 billion in September 2026, with shares down about 20% over the prior year.
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 |
Toast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.2B | $342M | 5.6% | +24.1% | Source |
| FY2024 | $5B | $19M | 0.4% | +28.3% | Source |
| FY2023 | $3.9B | -$246M | -6.4% | +41.5% | Source |
| FY2022 | $2.7B | -$275M | -10.1% | +60.2% | Source |
| FY2021 | $1.7B | -$487M | -28.6% | +107.2% | Source |
| FY2020 | $823M | -$248M | -30.1% | +23.8% | Source |
| FY2019 | $665M | -$209M | -31.4% | — | 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.
Toast
- Financial Technology Solutions~80%
Card processing fees on restaurant payment volume (about $195 billion of GPV in 2025), plus Toast Capital lending fees.
- Subscription Services~15%
Recurring fees for POS software, kitchen display, online ordering, payroll, scheduling, inventory and marketing modules.
- Hardware and Professional Services~5%
Terminals, Toast Go handhelds and installation, usually priced to win accounts rather than for profit.
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.
Toast
How it makes money
Toast sells restaurants a bundled platform and monetizes it in three ways. Financial technology solutions, mainly card processing on the gross payment volume that runs through Toast terminals and online ordering, make up the large majority of revenue (roughly four-fifths in recent filings), though payments carry thinner margins than software.
Growth strategy
Toast's growth strategy has four parts: keep adding small and mid-sized US restaurants through local field sales; win enterprise chains; expand into adjacent food and beverage verticals and international markets (Canada, the UK and Ireland); and raise revenue per location by attaching more software modules, including AI-driven marketing and analytics under the Toast IQ brand.
Competitive advantage
Toast's advantages are its restaurant-only focus, a single platform that ties POS, kitchen display, online ordering, payroll and payments to one data set, field sales density in major US metro areas, and switching costs once staff, menus, kitchens and payroll run on Toast. Its offline mode lets terminals keep taking orders during internet outages.
Questions about CRED vs Toast
Which company has higher revenue — CRED or Toast, Inc.?
CRED had ~$317.3M (FY2025), while Toast, Inc. had $6.2B (FY2025). By latest annual revenue, Toast, Inc. is the larger business, with CRED showing a smaller revenue base.
What is the market cap of CRED vs Toast, Inc.?
Toast, Inc. has a market capitalisation of $17.0B. A public market cap figure for CRED was not available (it may be privately held).
How does revenue per employee compare for CRED and Toast, Inc.?
CRED has $264k / employee in revenue per employee, while Toast, Inc. has $947k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CRED and Toast, Inc. make money?
CRED and Toast, 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. Toast, Inc.: Toast sells restaurants a bundled platform and monetizes it in three ways.
Is CRED bigger than Toast, Inc.?
By last reported revenue, Toast, Inc. ($6.2B (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 Toast overview