Indian fintech app Cred raises funds at $2.2 billion valuation
Cred, founded less than three years ago, operates an app that rewards customers for paying their credit-card bills on time, working together with financial institutions and consumer brands.
Financial-technology provider Cred completed a fundraising round valuing the company at $2.2 billion, another unicorn to emerge from India's red-hot startup scene.
The $215 million Series D round was led by new investor Falcon Edge Capital LP and existing backer Coatue Management LLP, Cred said in an emailed statement Tuesday. DST Global, Tiger Global and Greenoaks Capital were also among existing investors participating.
Cred, founded less than three years ago, operates an app that rewards customers for paying their credit-card bills on time, working together with financial institutions and consumer brands. The company says it has 5.9 million users with relatively high credit scores of more than 750.
“With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behavior,” founder Kunal Shah said in the statement.
India's tech and consumer startups are flourishing as the number of smartphone users in the country nears 1 billion, making internet more broadly accessible. Food-delivery app Swiggy said Monday it's raising $800 million, while social-commerce app Meesho raised money at $2.1 billion valuation.
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