Money & Banking

Fintech start-up CRED raises $80 million

Our Bureau Bengaluru | Updated on December 01, 2020

Fintech start-up CRED, a members-only app that rewards users with exclusive rewards for paying credit card bills, has raised $80 million in a fresh round of funding.

The new Series C round, which was led by existing investor DST Global along with other existing investors – Sequoia Capital and Ribbit Capital, takes CRED’s post-money valuation to $800 million. Including this round, CRED has raised a total of $175.5 million from 20 investors as per data sourced from Crunchbase.

Founded in 2018 by Kunal Shah, CRED raised $120 million in Series B funding last year in July at a valuation of $450 million. Shah is the founder of mobile wallet service Freecharge, which he started in 2010 and which subsequently got acquired by Snapdeal in 2015 for $450 million.

CRED offers customers many features that help them track their expenses across multiple credit cards, and get reminders to help them pay their bills on time. It rewards customers with CRED coins every time they pay their credit card bills on CRED. The coins can be used to win exclusive rewards, or get special access to curated products and experiences. In short, CRED helps customers gain complete control over their credit card, receive a category-based analysis of their spend, detect hidden charges and track their credit limit in real-time.

With the onset of the pandemic, CRED launched new features like RentPay, which allows members to pay monthly rent with their credit cards and Stash, which it claimed, was designed to be the fastest, most seamless and fully digital way to get credit in India. The start-up was one of the sponsors of the recently concluded IPL cricket tournament.

Published on December 01, 2020

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