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Cred raises $215M, offers ESOP buyback worth $5M

CRED

Fintech firm Cred announced on Tuesday that it had raised $ 215 (approximately Rs. 1,578.6 billion) in funds, led by Falcon Edge Capital and existing investor Coatue Management LLP, and the valuation of the fintech Company rose to $ 2.2 billion.

Insight Partners and existing investors such as DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group and Sofina also participated in the Series D round.

Cred, operated by Dreamplug Technologies, raised $ 442 million in funding to date.

“With this, Cred has raised $ 215 million with an after-money valuation of $ 2.2 billion. Cred will also offer has its team another ESOP buyback option with a cumulative value of $ 5 million (approximately Rs 7 billion). ) offer, “a statement said.

Also Read: Cred raises Rs 591.2 crore in funding

Cred founder Kunal Shah said that the credit card category is growing rapidly in India and that there is a great opportunity to shape responsible behavior, visualize new use cases and create a rewarding platform for members.

“Our growth over the past year has demonstrated the potential value of the high-trust, low-friction platform that the CRED team has built and we are excited to share the value created with investors, team members, partners and the Cred Community” he added.

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