Cred (INDIA) Raises $900M Led by Meta, Valued at $4B
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowIndian fintech startup Cred will raise $900 million in funding led by Meta, becoming a minority investor, while losing its founder, Kunal Shah, to WhatsApp. Cred is valued at over $4 billion in this latest funding round. The funds are intended to accelerate growth and strengthen its market position. The company claims to process over 40% of credit card bill payments in India and has over 170 million users. Shah mentioned that Cred has had its first profitable quarter, though the company has yet to achieve sustained profitability.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Meta Platforms Inc. (META)
Meta Platforms owns Facebook, Instagram, WhatsApp, and Messenger, earning almost all of its revenue from digital advertising while investing heavily in AI and the metaverse.
The Communication Services sector covers media, entertainment, telecom and interactive companies that connect and inform people.
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