Thursday, 2 December 2021

Fintech CRED raises $251 million at $4 billion valuation

5 min read

20 October 2021 – Indian fintech CRED raised $251 million in a new funding round led by existing investors and private equity firms Tiger Global and Falconedge. Two new investors – Marshall Wace and Steadfast – joined the round, while DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer increased their investments. This raised the company's valuation to $4 billion, double in six months compared with $2.2 billion at time of its previous raise in April 2021. Founded in 2018, CRED allows users to pay their credit card bills through its online platform and rewards them with offers from various brands and companies such as Puma and Samsung. When a user redeems a reward, the company then pays CRED an agreed-upon fee.

 

News source: Reuters and Times of India

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