Indian FinTech Cred Notches $ 251 Million at $ 4 Billion Value

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Credit card bill payment platform Cred has generated $ 251 million in a Series E funding round, according to a report released Tuesday, Oct. 19 by Deal Street Asia. Co-led by Tiger Global Management and Falcon Edge Capital with participation from new investors Marshall Wace and Steadfast Venture Capital – as well as current investors DST Global, Insight Partners Coatue and Sofina – latest fundraising drive brings value to the company to $ 4 billion, the report said.

App-powered, Cred is an Indian members-only club that rewards users for timely credit card bill payments with exclusive offers and experiences, according to the company’s website. The platform allows credit card users to manage multiple cards and receive a credit score. To be considered for Cred membership, users must have a minimum Experian credit score of 750.

Cred was valued at $ 2.2 billion after a funding round in April and $ 806 million after a funding round in January, according to TechCrunch. The 3-year-old company has over 7.5 million members, or about a third of the 25 million credit card users in India.

Cred intends to use the latest funds to expand its current product offerings and expand its financial services offerings to consumers, Deal Street Asia reported.

See also: Report: Pine Labs in India Considering IPO

Interest in Indian startups seems to be increasing. Last week, Pine Labs in India was considering an initial public offering (IPO) within the next year, as reported by PYMNTS. The company, which is valued at $ 3.5 billion, had said it envisions a “$ 25 billion opportunity” every year.

Related News: Karbon Brings $ 12 Million in Pre-Series A Funding

Last month, another Indian startup, corporate card company Karbon, announced a successful $ 12 million Series A funding round, PYMNTS reported at the time. The 2-year-old company said it intends to use the funds to drive continued growth by strengthening its operations and product development and doubling its workforce within six months.

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On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.


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