Total amount raised
$801.5 Million
Latest funding date
6/1/2022
Location
CRED has successfully raised funds through 9 different funding rounds, with the latest being a "Venture - Series Unknown" round led by Lathe Investment. The platform is backed by 37 investors, including notable names like Lathe Investment and Sofina.
As a members-only club, CRED rewards financially trustworthy individuals with exclusive perks and privileges. Keep reading to explore the intricacies of CRED's fundraising journey and the investors backing this innovative platform.
What Is CRED?
CRED is a fintech startup based in Bangalore, Karnataka, India. The company operates in multiple industries, including credit cards, financial services, fintech, information technology, and payments. It offers rewards for customers who use its platform to pay their credit card bills.
Founded by Kunal Shah, CRED has grown to employ between 501 and 1000 people. The platform is known for its exclusive membership benefits, which include better financial management, exclusive rewards, and enhanced experiences for its users.
How Much Funding Has CRED Raised?
- Seed Round
- Amount Raised: USD 30,000,000
- Date: November 2018
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin rewarding users for paying their credit card bills.
- Series A
- Amount Raised: INR 1,770,000,000
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series B
- Amount Raised: USD 120,000,000
- Date: July 2019
- Lead Investors: Gemini Investments, Peak XV Partners, Ribbit Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand user base and introduce new financial services.
- Series C
- Amount Raised: USD 81,000,000
- Date: November 2020
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and expand market reach.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series D
- Amount Raised: USD 215,000,000
- Date: April 2021
- Lead Investors: Alpha Wave Global, Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and new product development.
- Series E
- Amount Raised: USD 251,000,000
- Date: October 2021
- Lead Investors: Alpha Wave Global, Tiger Global Management
- Valuation at Round: USD 4,010,000,000
- Motivation Behind the Round: To expand into new financial services and markets.
- Series F
- Amount Raised: USD 140,000,000
- Date: June 2022
- Lead Investors: GIC
- Valuation at Round: USD 6,400,000,000
- Motivation Behind the Round: To support growth, expand use cases, and enhance financial services offerings.
- Series Unknown
- Amount Raised: USD 72,000,000
- Date: June 2025
- Lead Investors: Lathe Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and introduce innovative financial products.
Total Amount Raised: USD 1,189,000,000
Current Valuation: USD 6,400,000,000
Key Investors
- GIC
- Details: GIC is Singapore’s sovereign wealth fund, established to manage the country's foreign reserves. It invests across a range of asset classes in both public and private markets.
- Investment Focus Areas: Technology, real estate, equities, alternative assets
- Notable Investments: Alibaba, Airbnb, Ant Financial
- Tiger Global Management
- Details: Tiger Global is a US-based investment firm that focuses on public and private companies in the internet, software, consumer, and financial technology sectors. It is known for its aggressive investment strategy in high-growth companies.
- Investment Focus Areas: Internet, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Flipkart
- Sofina
- Details: Sofina is a Belgian investment company that invests in growth companies across various sectors. It focuses on long-term investments and has a diversified portfolio.
- Investment Focus Areas: Consumer, digital transformation, healthcare
- Notable Investments: Byju's, Delivery Hero, Graphcore
- Alpha Wave Ventures (Falcon Edge)
- Details: Alpha Wave Ventures, also known as Falcon Edge Capital, is a global alternative asset manager. It invests in technology and high-growth sectors, focusing on both public and private markets.
- Investment Focus Areas: Technology, consumer, financial services
- Notable Investments: Uber, Stripe, Robinhood
- Dragoneer Investment Group
- Details: Dragoneer is a growth-oriented investment firm based in San Francisco. It invests in technology-enabled businesses across various stages of their lifecycle.
- Investment Focus Areas: Technology, growth-stage companies
- Notable Investments: Airbnb, Uber, Snowflake
What's Next for CRED?
As CRED continues to expand its services, the opportunities ahead are vast. The company is poised to leverage its recent funding to enhance its platform, particularly in areas like lending, e-commerce payments, and Buy Now Pay Later (BNPL) options. With a valuation of $6.4 billion, CRED is well-positioned to tap into the growing fintech market in India, which is projected to reach $1.3 trillion by 2025.
Future fundraising opportunities appear promising, given the strong investor interest and the company's rapid growth. CRED's ability to attract significant investments in its Series F round, led by GIC, indicates a robust potential for further rounds. The company may also explore strategic acquisitions to bolster its service offerings and market presence.
However, CRED faces several challenges, including managing increased losses and navigating a competitive fintech landscape. The global correction in tech startup valuations and a conservative funding environment could also pose hurdles. Despite these challenges, CRED's strategic partnerships and innovative services position it well for continued growth and success in the fintech sector.
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