Cred (INDIA) Raises $900M Led by Meta, Valued at $4B

AI Summary

Indian 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.