Fintech startup Cred has raised $140 million as part of its Series F funding round, various media sources reported. The funding round was led by Singapore’s GIC fund while the existing investors who participated include Tiger Global, Sofina Ventures, Alpha Wave Ventures, DF International and Dragoneer.
With the latest funding, Kunal Shah founded-fintech start-up’s valuation has risen to $6.4 billion.
Founded in 2018, the startup raised capital through three rounds in 2021— $81 million in its Series C round, $215 million in Series D, and finally, $251 million in Series E.
The funding comes at a time when the Indian startup ecosystem is experiencing a sharp reversal in reversal in pricing and frequency of funding rounds. As per various media reports, Venture capital firms from around the world have hit brakes on writing new checks as they grow cautious about the dwindling market conditions globally.
Cred started a platform for people to pay their credit card bills and earn points. It has since expanded into lending, e-commerce payments, advertising for brands, and providing short-term credit via Buy Now Pay Later (BNPL) options.
The fintech company helps and incentivises individuals (by offering rewards such as cash back) to improve their credit score. It encourages them to pay their credit card bills on time. In the past one and a half years, CRED has significantly expanded its offerings in various verticals and sectors.