Fintech & Startups · Daily brief
Meta's investment values the fintech at ₹4.5 billion. Founder Kunal Shah is stepping down to lead WhatsApp globally, with CRED's Miten Sampat taking interim CEO duties.
Meta is investing ₹8,550 crore (US$900 million) in CRED, one of India's largest fintech platforms. The investment values CRED at ₹4.5 billion and marks a significant validation of its lending and payments infrastructure.
CRED, founded in 2018, has scaled rapidly. It serves 1.7 crore members, processes over 40% of India's credit card bill payments, and manages ₹24,000 crore+ in lending assets under management.
Kunal Shah, CRED's founder, is transitioning to Meta as the new head of WhatsApp, replacing Will Cathcart who moves to another role within the company. This marks Shah's exit from day-to-day operations at the fintech he built.
Miten Sampat will assume the interim CEO role at CRED as the company enters its next growth phase. The move comes as CRED progresses toward a potential IPO, signaling maturity in the platform's business.
Sources
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