Fintech firm CRED valued at US$ 4 billion after US$ 250 million funding round

Fintech firm CRED announed that it had raised US$ 251 million in a new funding round led by existing investors and private equity firms Tiger Global and Falconedge, valuing the fintech company at US$ 4.01 billion.

“Two new investors - Marshall Wace and Steadfast - attended the cap table. DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer raised their investments in CRED with this round,” a CRED representative stated.

Established in 2018, CRED lets customers to pay their credit card bills via its online platform and rewards them with offers from various brands and companies such as Puma and Samsung. When a customer redeems a reward, the company then pays CRED a contracted fee.

The company also gained publicity through social media in recent months after releasing web commercials with quirky narratives.

Indian startups have been on a run in 2021, with numerous companies entering the unicorn or US$ 1 billion club, while other high-profile titles including food delivery app Zomato and hotel aggregator Oyo listing or pursuing a debut on Indian stock exchanges.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.