CRED raises USD 80 million in series C funding round led by DST Global

CRED raises USD 80 million in series C funding round led by DST Global

India’s credit card repayment platform CRED has reportedly raised around USD 80 million in a series C funding round which was led by Honk Kong-based private equity and late-stage venture investment company DST Global.

Other investors that participated in the financial round were Ribbit Capital, Sequoia Capital and Tiger Global Management LLC, cited sources with knowledge of the matter.

For the record, CRED is a 2-year-old startup company headquartered in Bangalore, India, which focuses on helping credit card users to improve their financial behavior. The platform also offers incentives and rewards in response to credit card payments. However, it is worth mentioning that the app can only be accessed by individuals with a minimum credit score of 750.

 Reportedly, CRED had a preceding market value of USD 450 million. The company then raised USD 125 million and USD 120 million in its series A and B funding rounds respectively.

Sources claimed that the company has now reached a valuation of USD 800 million, following the recent funding round led by DST Global.

CRED has been gaining considerable recognition across the country, owing to its wide range of features including payment reminders, tracking of credit card payments, and additional services such as rent payment, sources confirmed.

The company strategically compels its customers to pay their bills on time by rewarding them with points that can be used for discounts as well as subscriptions of various premium services.

If sources are to be believed, CRED is also one of the sponsors to the cricket tournament, the Indian Premier League (IPL). Additionally, the company has launched Cred Stash, a new feature on its platform that offers low-interest instant credit line to members, without the hassle of the tedious verification and application processes associated with conventional loan procedures.

Source credits: https://techcrunch.com/2020/11/30/india-cred-raises-80-million-funding/