India's CRED raises USD 251 mln in funding

Tuesday 19 October 2021 13:42 CET | News

India-based fintech CRED has raised USD 251 million in a new financing round, its third funding in 2021, at a valuation of USD 4.01 billion.

Existing investors Tiger Global and Falcon Edge Capital co-led the three year-old Bangalore-based startup’s Series E financing round. Marshall Wace and Steadfast also participated, and so did existing investors DST Global, Insight Partners, Coatue, Sofina, RTP, and Dragoneer. The startup was valued at USD 2.2 billion in an April 2021 round and USD 806 million in a round it disclosed in January.

CRED helps and rewards people improve their credit score by encouraging them to pay their credit card bills on time. The startup has amassed 7.5 million members, as India has about 25 million unique credit card users.

On its app, the startup offers its members access to a range of premium brands. The startup doesn’t focus on the usual TAM of India, and instead caters to some of the most premium audiences. CRED didn’t disclose what it plans to do with the new investment.

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Keywords: fintech, mobile banking, startup, funding, credit scoring
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
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Banking & Fintech

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