Fintech giant Cred, spearheaded by Kunal Shah, has clinched the Reserve Bank of India's preliminary approval to function as a payment aggregator (PA), a source reveals. This significant milestone allows Cred to oversee the movement of customers' funds to merchants, although it's not a final license yet. The Bengaluru-based company boasts a vast user base of over 15 million active customers and ranks as the fourth-largest player in the Unified Payments Interface (UPI) arena, commanding a 2.3 percent market share.