TechSamvadDec 02, 2020 12:03:09 IST
Cred, a repayment platform for credit cards has raised over $80 million in series B funding. The funding was led by DST Global. DST Global had invested in Cred in the previous financial year as well. Along with DST Global, Ribbit Capital, Sequoia Capital, and Tiger Global have also invested in Cred. Cred had raised funds twice in 2019 alone. A series A round of $125 million and a series B funding of $120 million from Sequoia Capital, Ribbit Capital, and others. This 2 year old startup has gone from $450 million to $800 million, in terms of valuation. Around the same time last year, Cred had raised $30 million in its seed round.
Launched in 2018, Cred is an app that helps users pay and manage their credit card. It offers rewards and incentives linked to the credit card payment. It is for people who have a minimum credit score of 750 or above.
CEO of Cred, Kunal Shah was also the co-founder of Freecharge which is currently owned by private lender Axis Bank.
Cred recently announced an official partnership with the Indian Premier League (IPL). In the early stages of the pandemic, Cred announced a new feature called Cred RentPay where users could pay their rent using their credit cards. Another feature announced was Cred Stash, an easy and digital way of obtaining credit in India.
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