Meta to Invest $900 Million in Indian Fintech Startup CRED
Meta Platforms is set to invest $900 million in Indian fintech startup CRED, valuing the company at $4.5 billion following the latest funding round.
Meta Platforms has announced a $900 million investment in Indian fintech startup CRED.
Following this investment, CRED’s valuation has reached $4.5 billion, according to the company. As part of the broader leadership changes, CRED founder Kunal Shah has been assigned a global leadership role in WhatsApp.
India is WhatsApp’s largest market with over 500 million users, and the platform is expanding beyond messaging into payments and business services.
WhatsApp head Will Cathcart will step down after seven years and take on a new role within Meta. Meta CEO Mark Zuckerberg confirmed the leadership transition.
The investment is considered one of the largest recent deals in India’s fintech sector. However, CRED’s valuation remains below its peak level of $6.4 billion in 2022.
Under the agreement, Meta will take a minority stake in CRED and will not have access to user personal data. Founded in 2018, CRED offers membership-based financial services for users with strong credit scores.
The platform provides payments, lending, insurance, wealth management, and lifestyle services, serving around 17 million monthly active users.
The fresh capital will be used to accelerate growth, strengthen leadership, and expand product offerings.