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Wednesday, January 27, 2021

Cred raises $80 million in a funding spherical led by DST International, valuation now up at $800 million – Enterprise Information , Firstpost

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Together with DST International, Ribbit Capital, Sequoia Capital, and Tiger International have additionally invested in Cred.

CRED brand

Cred, a reimbursement platform for bank cards has raised over $80 million in collection B funding. The funding was led by DST International. DST International had invested in Cred within the earlier monetary yr as effectively. Together with DST International, Ribbit Capital, Sequoia Capital, and Tiger International have additionally invested in Cred. Cred had raised funds twice in 2019 alone. A collection A spherical of $125 million and a collection B funding of $120 million from Sequoia Capital, Ribbit Capital, and others. This 2 yr previous startup has gone from $450 million to $800 million, when it comes to valuation. Across the identical time final yr, Cred had raised $30 million in its seed spherical. 

Launched in 2018, Cred is an app that helps customers pay and handle their bank card. It affords rewards and incentives linked to the bank card cost. It’s for individuals who have a minimal credit score rating of 750 or above.

CEO of Cred, Kunal Shah was additionally the co-founder of Freecharge which is presently owned by non-public lender Axis Financial institution.

Cred just lately introduced an official partnership with the Indian Premier League (IPL). Within the early phases of the pandemic, Cred introduced a brand new characteristic referred to as Cred RentPay the place customers may pay their hire utilizing their bank cards. One other characteristic introduced was Cred Stash, a simple and digital manner of acquiring credit score in India.

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