Cred

Bengaluru-based fintech startup Cred has raised $120 million in a round led by US-based Ribbit Capital, DST Global’s Gemini Investments and existing backer Sequoia Capital.

Cred will use the funds for international expansion and develop new products in partnership with banks. Post the latest round of funding, valuation of the nine-month-old startup stands at around $450 million.

New York-based investment fund Tiger Global, Asian investment management firm Hillhouse Capital, venture capital firm General Catalyst, Greenoaks Capital and Dragoneer also took part in the round.

“…believe that funding is not a milestone but the fuel to carry us into our next phase of growth. We wish to make credit cards more accessible, feature-rich and deliver more value to our members,” Founder and CEO Kunal Shah tweeted from his official twitter handle.

Cred is a members-only app which gives exclusive rewards and offers for paying credit card bills in a timely manner. Its users can win coins and gems on bill payment, which then can be redeemed across restaurants, movie theatres, e-commerce sites, among others.

The startup has partnered with brands such as BookMyShow, Urban Ladder, Airbnb, CureFit, FreshMenu and ixigo among others, for rewards, experiences, and upgrades every month.

Silicon-valley based Ribbit Capital is a venture capital firm that invests in early-stage companies. Ribbit is backed by a variety of institutional investors including Spanish banking group Banco Bilbao Vizcaya Argentina SA, Silicon Valley Bank and numerous high-net-worth individuals.

Recently, Ribbit Capital and Sequoia Capital invested in Indian UPI payments and digital lending platform BharatPe.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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