Total amount raised
$801.5 Millions
Latest funding date
Location
Title
CRED has successfully raised significant funding across multiple rounds, with its latest being a Series F. The platform is designed to reward individuals with high credit scores, offering them exclusive financial and lifestyle benefits.
Keep reading to explore the intricacies of CRED's fundraising journey and the investors backing this innovative platform.
What Is CRED?
CRED, founded in 2018 by Kunal Shah and Cameron Hejazi, is a fintech startup based in Bangalore, Karnataka, India. The platform rewards members for timely credit card bill payments, offering exclusive financial and lifestyle benefits.
With a focus on creditworthy individuals, CRED provides features like spending tracking, payment reminders, and access to premium products. The company has grown rapidly, employing between 251-500 people.
As a members-only club, CRED ensures that only individuals with a credit score of 750 or above can join, making it a trusted platform for over 25 million members.
How Much Funding Has CRED Raised?
- Seed Round
- Amount Raised: $30M
- Date: November 2018
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin rewarding users for timely credit card payments.
- Series A
- Amount Raised: ₹1.8B
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance platform features.
- Series B
- Amount Raised: $120M
- Date: July 2019
- Lead Investors: Gemini Investments, Peak XV Partners, Ribbit Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand user base and introduce new financial products.
- Series C
- Amount Raised: $81M
- Date: November 2020
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and support rapid growth.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series D
- Amount Raised: ₹15.8B
- Date: April 2021
- Lead Investors: Alpha Wave Global, Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enhance user experience.
- Series E
- Amount Raised: $251M
- Date: October 2021
- Lead Investors: Alpha Wave Global, Tiger Global Management
- Valuation at Round: $4.01B
- Motivation Behind the Round: To support business expansion and operational growth.
- Series F
- Amount Raised: $140M
- Date: June 2022
- Lead Investors: GIC
- Valuation at Round: $6.4B
- Motivation Behind the Round: To expand service offerings and enhance platform capabilities.
Total Amount Raised: $923M
Current Valuation: $6.4B
Key Investors
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore to manage its foreign reserves. It is one of the world's largest global investors.
- Investment Focus Areas: Equities, fixed income, real estate, private equity, infrastructure.
- Notable Investments: Alibaba, Airbnb, Ant Financial.
- Tiger Global Management
- Details: Tiger Global is an American investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. It has a strong track record of backing high-growth companies.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- Sofina
- Details: Sofina is a Belgian investment company that invests in growth companies across various sectors. It focuses on long-term partnerships with entrepreneurs and family-owned businesses.
- Investment Focus Areas: Consumer and retail, digital transformation, education, healthcare.
- Notable Investments: Byju's, Swiggy, Pine Labs.
- Alpha Wave Ventures
- Details: Alpha Wave Ventures is a venture capital firm that focuses on early-stage and growth-stage investments. It is known for its strategic investments in technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Robinhood, Stripe, Nubank.
- Falcon Edge Capital
- Details: Falcon Edge Capital is a global alternative asset manager that invests in public and private markets. It has a diversified portfolio across various sectors.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Ola, Delivery Hero, PolicyBazaar.
What's Next for CRED?
As CRED looks to the future, the opportunities are vast. The fintech market in India is projected to reach $1.3 trillion by 2025, offering a fertile ground for CRED to expand its digital payment services and introduce new financial products. The company’s recent $140 million Series F funding round, led by GIC, underscores its potential to innovate and strengthen its market position.
Future fundraising seems promising, with CRED already in the process of raising additional funds. This financial backing will be crucial as the company navigates the competitive fintech landscape and regulatory challenges. However, maintaining growth momentum and meeting investor expectations will be key hurdles. Despite these challenges, CRED's strategic acquisitions and partnerships position it well for continued success.
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