Wednesday, August 26, 2020
Cred.ai is the next big thing in fintech
Cred.ai is a startup three years in the making—with funding from investors including former AOL CEO Tim Armstrong and Fanatics executive chairman Michael Rubin, along with celebrities like John Legend—that promises to make the whole world of credit cards more equitable.
The premise is this: You sign up with Cred’s credit card and the company’s partner bank, WSFS. (Only banks can offer credit cards in the United States, which is why even companies like Apple partner with banks for their financial offerings.) If you agree to let the company’s AI manage your spending, Cred says you’ll never pay late fees or interest. In fact, the company promises its algorithms will help manage your financial life in a way that increases your credit over time, too. “We never profit off the customers themselves,” says CEO Ry Brown.
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