Cred raises $81 million in series C funding at a post-money valuation of $806 million

By: |
January 05, 2021 4:05 AM

Credit card payment and management platform Cred has raised a fresh $81 million as part of its Series C funding round at a post-money valuation of $806 million.

Debit card issuances, debit card, Card Pay, sbi Scan to Pay, Contactless Credit Card, credit score, credit history, festive season mistakes, festive season mistakes that can harm your credit score, credit card, credit utilization ratio, credit card, instant credit, credit score, credit history, festive season mistakes, credit card, credit utilization ratioThe fresh capital will be used to launch new product offerings for members in collaboration with existing and new partners this year. Representative Image

Credit card payment and management platform Cred has raised a fresh $81 million as part of its Series C funding round at a post-money valuation of $806 million. The financial round led by existing investor DST Global also saw participation from Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst.

The fresh capital will be used to launch new product offerings for members in collaboration with existing and new partners this year. The investment was also backed by Sofina, Coatue and Satyan Gajwani of Times Internet. As part of the fundraising process, existing and former employees have liquidated their ESOPs, collectively worth $1.2 million. The ESOP buyback was completed on January 1, 2021. Employees who hold vested stocks were eligible to sell up to 50% of their vested ESOP shares in the company, the firm said in a statement on Monday.
Cred claims that it processes nearly 20% of all credit card bill payments in India. The company said that over 35% of

the country’s premium credit card holders are on the platform and the members spend nearly two times that of an average credit card user in the country.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1DGCA temporarily suspends SpiceJet’s licence to carry dangerous goods
2Logistics cos say fully geared to meet challenges during festival demand
3Samsung Galaxy A52s 5G gets cool new ‘Awesome Mint’ colour option in India; check specs, price and other details