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Fintech Firm CRED Valued At $4 Billion In New Financing Round: Report

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CRED raised $251 million in a brand-new funding roundCRED stated on Tuesday it had actually raised $251 million in a new financing round led by existing financiers and private equity companies Tiger Global and Falconedge, valuing the fintech company at $4.01 billion.

Two brand-new investors - Marshall Wace and Steadfast - signed up with the cap table.

DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer increased their investments in CRED with this round, a CRED representative stated in an emailed statement.Founded in 2018, CRED allows users to pay their charge card bills through its online platform and rewards them with deals from different brands and business such as Puma and Samsung.

When a user redeems a reward, the company then pays CRED an agreed-upon fee.The company also acquired a following on social media in recent months after releasing web commercials with wacky storylines.Indian startups have actually been on a tear in 2021, with numerous business going into the unicorn or $1 billion club, while other prominent names including food delivery app Zomato and hotel aggregator Oyo listing or pursuing a debut on domestic stock market.




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