CRED vs Worldpay: Revenue, Profit and Business Model
CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M. Worldpay had $4.9B of annual revenue in FY2023.
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.
Worldpay
Worldpay's ownership has changed repeatedly. Vantiv listed on the NYSE in 2012, bought the UK's Worldpay Group in 2018, and was acquired by FIS in 2019 in a deal valued at about $43 billion including debt. FIS later recorded a $17.6 billion goodwill impairment on its merchant business and, in early 2024, sold a 55% stake to GTCR at an enterprise value of about $18.5 billion. Worldpay's revenue was about $4.9 billion in 2023. In April 2025 Global Payments agreed to buy Worldpay for $24.25 billion in cash and stock while selling its Issuer Solutions business to FIS; both transactions closed in January 2026, leaving GTCR with about 15% of Global Payments' equity.
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 |
Worldpay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $4.9B | — | — | +2.7% | Source |
| FY2022 | $4.8B | — | — | +6.2% | Source |
| FY2021 | $4.5B | — | — | — | 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.
Worldpay
- Enterprise
Not formally reported
Payment processing and acquiring for large enterprise and e-commerce merchants.
- SMB
Not formally reported
Small and mid-sized business merchants.
- Integrated & Platforms
Not formally reported
Software platforms that embed payments in their own products. Worldpay earns a share of each transaction's value plus per-transaction and service fees.
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.
Worldpay
How it makes money
Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks. Its customers include large enterprise and e-commerce merchants, small and mid-sized businesses, and software platforms that embed payments into their own products.
Growth strategy
Under Global Payments, growth plans center on cross-selling: offering Global Payments' Genius POS to Worldpay's small business clients, and Worldpay's enterprise and e-commerce services to Global Payments' clients, while expanding payments embedded in software platforms.
Competitive advantage
Worldpay's main strengths are scale, a large base of enterprise and e-commerce merchants, acquiring capabilities in many countries and currencies, and distribution through software partners. Combined with Global Payments, it gains Global Payments' SMB products such as the Genius POS system and a wider geographic footprint.
Questions about CRED vs Worldpay
Which company has higher revenue — CRED or Worldpay, Inc.?
CRED had ~$317.3M (FY2025), while Worldpay, Inc. had $4.9B (FY2023). By latest annual revenue, Worldpay, Inc. is the larger business, with CRED showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for CRED and Worldpay, Inc.?
CRED has $264k / employee in revenue per employee, while Worldpay, Inc. has $576k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CRED and Worldpay, Inc. make money?
CRED and Worldpay, 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. Worldpay, Inc.: Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks.
Is CRED bigger than Worldpay, Inc.?
By last reported revenue, Worldpay, Inc. ($4.9B (FY2023)) 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 Worldpay overview