Credit Card bill payment leader CRED on Thursday said its total income for FY22-23 grew by 3.5 times (around 252 per cent) to Rs 1,484 crore as compared to Rs 422 crore in FY21-22.

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The fintech unicorn's losses (excluding ESOP cost) reduced by 10 per cent from Rs 1,167 crore in FY21-22 to Rs 1,047 crore in FY 22-23, the company said in a statement.

“Five years since launch, we believe that CRED -- and prudent financial behaviour -- are becoming a habit for the top 1 per cent. Our focus remains on rewarding the creditworthy with more products that improve their lives and lifestyles,” said Kunal Shah, Founder, CRED.

The company registered a 77 per cent increase in TPV (total payment value) to Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22, and monthly transacting users grew by over 58 per cent.

“Today, 90 per cent of CRED members redeem at least one reward every month. An average CRED monthly transacting user (MTU) now does 20+ sessions a month,” said the company. CRED is now the fourth largest (by value) UPI app in India. The customer acquisition cost was reduced by 80 per cent compared to “when we started our journey 5 years ago,” said CRED.

Marketing and business promotion spends were down 27 per cent to Rs 713 crore in FY23 from Rs 975 crore in FY22.“We strengthened the platform with more touchpoints for members to engage with CRED at a higher frequency in FY22-23. This resulted in significantly higher engagement that created monetisation opportunities while reducing the cost of attracting and serving members,” said the company.