Kunal Shah vs. banks: Cred wins round #1. But maintaining the growth momentum will be a tall order.

Cred is taking on big private-sector lenders to become a large player in personal loans. But its credit card-led user acquisition may hit a growth ceiling soon and there is pushback from banks unwilling to partner with Cred. Besides, the platform is so cluttered with products, services, and games that its primary offering of redeemable Cred coins is no longer prominent.

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