Credit card payments firm CRED has raised $251 million in Series E funding round led by existing investors TigerGlobal and Falcon Edge at a valuation of $4 billion. The fintech startup’s valuation doubled over the period of six months.
According to a Moneycontrol report, two new investors—hedge funds Marshall Wace and Steadfast Capital—also joined in the funding round.
The valuation of the startup, founded by Kunal Shah in 2018, has doubled from $2.2 billion in April when it raised $215 million.
Existing investors including DST Global, Insight Partners, Coatue and Sofina, also participated in the funding round, LiveMint reported citing people familiar with the matter.
The report also said that the company will use the funds to grow its existing range of products and expand financial services offerings for customers.
Cred was launched to help users pay credit card bills easily and earn rewards. However subsequently, it has expanded its services and enabled online commerce and brand discovery through its platforms. CRED launched its lending business last year.
The company has raised more than $500 million in the past 12 months.
First Published: Oct 19, 2021 12:55 PM IST
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