CRED Raises $80 Million In Series F Funding The company also claimed that it has plans to raise $140 million in this round and will have secondary component
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
CRED, a credit card payment platform, has raised $80 million in Series F funding round led by Singapore's sovereign wealth fund, GIC. The funding round also witnessed participation from existing investors such as Tiger Global, Sofina Ventures, Alpha Wave Ventures and DF International. As per the regulatory filings with the ministry of corporate affairs, CRED may raise more funds as a part of its Series F funding round. The company claimed to utilize the fund for expanding its business and for the future growth including meeting long-term and short-term funding requirements and general corporate purpose.
"The Series F funding round will value the company at around $6.4 billion. We also plan to raise $140 million in this round with GIC leading along with the existing investors. The round will also have a secondary component," CRED said in a statement.
As per reports, on Thursday, CRED on-boarded the Bharat BillPay, a national payments corporation of India subsidiary, as a key agent institution for providing easy bill payments solutions to CRED members. With this collaboration, CRED users will be able to make recurring bill payments like electricity, telecom, DTH, gas, education fee, water and municipal taxes conveniently.
Founded in 2018 by Kunal Shah, CRED is members-only credit card management and bill payments platform that rewards users every time they pay their credit card bills. The fintech startup operates an app that rewards customers for paying their credit card bills on time and gives them access to a range of additional services such as credit and a premium catalog of products from high-end brands. The company has expanded its offerings to lending services along with the partnership of IDFC bank and various non-banking financial corporations.