New Delhi, June 23. Fintech platform 'Cred' has announced raising ₹8,550 crore in a 'Series H' round led by Meta.
With this strategic deal, the company's founder Kunal Shah will step down as CEO and join Meta's global leadership team as the new head of WhatsApp. Miten Sampat has been appointed as the interim CEO of the company. Meta CEO Mark Zuckerberg expressed confidence in Kunal Shah's experience and praised his global vision.
Kunal Shah stated that he will retain his stake in 'Cred' and is confident that the team will set new records. While leading WhatsApp, Shah aims to leverage the app's full potential to make it more impactful globally.
This new funding will be used by the company for expansion, improving institutional capabilities, and strengthening its position across various categories. Currently, 'Cred' processes over 40 percent of the country's credit card bill payments, and its lending business has reached an assets under management (AUM) level of ₹24,000 crore.
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