CRED To Acquire Happay

The acquisition will potentially value Happay at $180 million

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CRED, a platform for creditworthy individuals, banks and merchants, will acquire Happay, a business expense, payments and travel management platform


The acquisition is expected to be a cash and stock deal potentially valuing Happay at $180 million. While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale. Happay’s 230-member team will get all the benefits extended to CRED team members, including its ESOP program, said a statement.

“Turning the pain of credit card management into a delight has enabled CRED to grow rapidly over the past three years. With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition. Happay’s product strength, customer experience and vision align with our intent at CRED to reward responsible financial behaviour and we are excited to partner with them in their journey towards leading the category,” said Kunal Shah, founder of CRED.

Happay manages work-related expenses for over 1 million users globally with $1 billion in annual spends. Happay’s software stack and in-house payment engine along with its ease of use will complement the card management experience that CRED members enjoy for their personal expenses. It is the only unified platform that automates the spend management workflow, a trend that is set to explode in a contactless, paperless world, while ensuring compliance and visibility with an end-to-end audit trail, added the statement.

“We have invested in building a category-defining product at Happay with thousands of customers who love the experience. The next phase of our growth will come from building scale, brand and distribution. The CRED team’s experience in this regard is unparalleled,” said Anshul Rai, co-founder and CEO of Happay.