CRED has received the in-principle approval for payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experiment with ideas faster.
The RBI has granted in-principle approval for payment aggregator licenses to several companies, including Reliance Payment and Pine Labs, over the past year.
Typically, the central bank takes nine months to a year to issue full approval following the in-principle approval.
Without a license, fintech startups must rely on third-party payment processors to handle transactions, and these players may not prioritize such mandates.
Obtaining a license allows fintech companies to process payments directly, reduce costs, gain greater control over payment flow, and onboard merchants directly.
Some of the most important channels for news traffic — Google Search, social platforms like Facebook — changed how they focus on and surface news links, and that’s had an overall hit on traffic and ad sales.
And consumer tastes have changed, too, and it appears that the app is also struggling to attract and retain users.
Given the decline in downloads, Apptopia said a figure of 10 million active users today would now be “a stretch.”Another firm, Sensor Tower, added more insight, noting that SmartNews had, on average, roughly 1.7 million worldwide daily active users between Q1 2023 and Q3 2023.
Sensor Tower’s estimates indicate the SmartNews app has roughly 5 million worldwide monthly active users from Q1–Q3 2023, down an average of 30% year-over-year, per quarter, it said.
Sensor Tower also suggested that lapsed product iterations and feature launches likely contributed to falling consumer interest and interaction with the SmartNews app.
SmartNews, valued at $2 billion as of 2021, announced Thursday a 40% reduction in its U.S. and China workforce – around 120 people – during an All-Hands meeting attended by…
