Meta leads $900m investment in CRED at $4.5bn valuation

By Milan Rojan

CRED has announced a $900 million Series H funding round led by Meta, valuing the company at $4.5 billion post-money. The investment comprises a combination of primary and secondary share purchases and marks one of Meta’s largest investments in the Indian FinTech sector. Under the terms of the agreement, Meta will become a minority shareholder and will not receive access to CRED’s customer information.

CRED said the fresh capital will support its next phase of growth by strengthening institutional capabilities, expanding its product portfolio and reinforcing its leadership across multiple financial services categories. The company has operated a members-only platform offering payments, lending, insurance, wealth management and lifestyle services for creditworthy consumers. It said more than 17 million members use its platform each month, while its lending business manages assets exceeding $2.5 billion.

Miten Sampat, Interim Chief Executive Officer of CRED, said: “Millions of creditworthy Indians trust CRED to help improve their relationship with money. We have a significant opportunity to build on that foundation, strengthen our platform and continue progressing towards becoming a public company.”

As part of the transaction, CRED founder Kunal Shah will step down as Chief Executive Officer and transition to Meta’s global leadership team. Miten Sampat, who has led strategy and finance at CRED since 2020, has been appointed Interim Chief Executive Officer with immediate effect. The company said its board and leadership team are working towards establishing a long-term leadership structure as it prepares for its next phase of growth.

Kunal Shah, Founder of CRED, said: “I started CRED with the belief that creditworthiness deserves to be rewarded. Today, we have built a profitable business with millions of members, a diversified product portfolio and a strong foundation for long-term growth. With additional capital and an exceptional team, CRED is well positioned to become an enduring institution for decades to come.”

The investment further strengthens CRED’s capital base as the company expands its suite of financial services and advances its long-term growth strategy. With Meta joining as a strategic minority investor and a new leadership structure in place, CRED aims to scale its platform while continuing its journey towards becoming a publicly listed company.