Fintech startup Cred has raised $215 million in Falcon Edge led Series D financing round. Existing investor – Coatue Management also participated in the fresh funding round.
Founded by Kunal Shah in 2018, the Bengaluru-based startup has entered India’s unicorn league with valuation of $2.2 billion.
The round also saw participation from existing investors RTP Global, DST Global, Tiger Global, Dragoneer Investment Group, Greenoaks Capital and Sofina along with new investor Insight Partner.
“I’m very happy to share that three months after our Series C, continued interest from leading institutional investors has resulted in us closing a Series D. While valuation is a milestone that many celebrate, we view it as a responsibility and an opportunity to create member value,” Shah said in a note to employees.
Shah added, “We’ve grown rapidly over the past two-and-a-half years, with 35% of premium credit card holders and processing 22% of all credit card payments in India on a monthly basis.”
CRED is a members only credit card bill payment platform that rewards its members for clearing their credit card bills on time. CRED members get access to exclusive rewards and experiences from premier brands upon clearing their credit card bills on CRED.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.