Indian FinTech Cred 's $251M Funding Pushes Company's Value to $4B
Credit card bill payment platform Cred has generated $251 million in a Series E funding round, according to a Tuesday (Oct. 19) report from Deal Street Asia. Co-led by Tiger Global Management and Falcon Edge Capital with participation from new investors Marshall Wace and Steadfast Venture Capital — along with current investors DST Global, Insight Partners Coatue and Sofina — the latest funding drive pushes the company's value to $4 billion, the report stated.
Powered by an app, Cred is an India-based members-only club that rewards users for timely credit card bill payments with exclusive offers and experiences, according to the company website. The platform allows credit card users to manage multiple cards and receive a credit score rating. To be considered for Cred membership, users must have a minimum Experian credit score of 750.
Cred was valued at $2.2 billion following an April funding round and $806 million after a January funding round, according to TechCrunch. The 3-year-old company has more than 7.5 million members, roughly one-third of India’s 25 million credit card users.
Cred intends to use the most recent funds to expand its current product offerings and broaden financial service offerings for consumers, Deal Street Asia reported.
See also: Report: India's Pine Labs Is Weighing IPO
Interest in Indian startups appears to be increasing. Last week, India’s Pine Labs was contemplating an initial public offering (IPO) within the next year, as PYMNTS reported. The company, which is valued at $3.5 billion, had said it envisioned a “$25 billion opportunity” each year.
Related news: Karbon Brings in $12M in Pre-Series A Funding
Last month, another Indian startup, the corporate card company Karbon, announced a successful $12 million Series A funding round, PYMNTS reported at the time. The 2-year-old company said it intends to use the funds to spur continued growth by bolstering its operations and product development and doubling its staff within six months.