Samreen Ahmad · · 1 min readTiger Global-backed fintech unicorn secures $140m (Updated)
Cred, an India-based credit card payments startup, is raising US$140 million in a series F round, reported Entrackr, citing a Registrar of Companies filing.
Led by Singapore’s GIC, the round also saw participation from other investors such as Tiger Global and Sofina Ventures. The latest fundraise takes Cred’s valuation to US$6.4 billion.
Founded by serial entrepreneur and angel investor Kunal Shah, Cred is a members-only payment app that rewards users who clear their credit card bills on time with deals and experiences from partner brands.
The fintech startup had reported a 45% rise in its net losses for the financial year ended March 2021. However, it saw an over 160x rise in its revenue at US$11.5 million in FYE 2021 as compared to US$70,765 a year earlier.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Update (Jun. 10, 1.30 a.m. SGT): This article was updated to include a revised fund size and valuation of Cred for its series F round.
Editing by Eileen C. Ang
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