Fintech start-up CRED, a members-only app that rewards customers with unique rewards for paying bank card payments, has raised $80 million in a contemporary spherical of funding.
The brand new Collection C spherical, which was led by present investor DST World together with different present buyers – Sequoia Capital and Ribbit Capital, takes CRED’s post-money valuation to $800 million. Together with this spherical, CRED has raised a complete of $175.5 million from 20 buyers as per knowledge sourced from Crunchbase.
Based in 2018 by Kunal Shah, CRED raised $120 million in Collection B funding final yr in July at a valuation of $450 million. Shah is the founding father of cell pockets service Freecharge, which he began in 2010 and which subsequently obtained acquired by Snapdeal in 2015 for $450 million.
CRED gives prospects many options that assist them observe their bills throughout a number of bank cards, and get reminders to assist them pay their payments on time. It rewards prospects with CRED cash each time they pay their bank card payments on CRED. The cash can be utilized to win unique rewards, or get particular entry to curated merchandise and experiences. In brief, CRED helps prospects acquire full management over their bank card, obtain a category-based evaluation of their spend, detect hidden expenses and observe their credit score restrict in real-time.
With the onset of the pandemic, CRED launched new options like RentPay, which permits members to pay month-to-month lease with their bank cards and Stash, which it claimed, was designed to be the quickest, most seamless and totally digital approach to get credit score in India. The beginning-up was one of many sponsors of the lately concluded IPL cricket event.