CRED raises $251 million at $4.01 billion valuation at Series E funding round
It is the third funding this year at a valuation of $4.01 billion. The Series E funding round was co-led by existing investors Tiger Global and Falcon Edge Capital.
The fintech company of India CRED has raised $251 million in a new financing round. It is the third funding this year at a valuation of $4.01 billion. The Series E funding round was co-led by existing investors Tiger Global and Falcon Edge Capital. Other investors like Marshall Wace and Steadfast also anticipated along with existing backers like DST Global, Insight Partners, Coatue Management, Sofina and RTP Global.
CRED was valued at $2.2 billion in an April round this year and $806 million in a round disclosed in January. Reportedly, the company had finalised a financing round recently at a pre-money valuation of $3.75 billion and the startup has held preliminary talks about a new round, which values at $5.5 billion. It was started in 2018 as a credit card payment platform by Kunal Shah. The company gives rewards to its users for paying their credit cards bill on time.
Now, the CRED has become a full-fledged financial service provider after adding products such as rent payments and personal loans. Kunal Shah, one of India's best-known new-age entrepreneurs is increasing its monetisation efforts. It has recently launched a peer-to-peer lending product under the name Mint which allows CRED users to lend money at a 9 percent interest rate to other users.