Cred has announced a significant funding round of $900 million, with Meta becoming a minority investor, reflecting the startup's strong position in the Indian fintech market. Founded by Kunal Shah, Cred has established itself as a leading platform for affluent Indians, processing over 40% of credit card bill payments in the country.
Shah's departure to WhatsApp, where he will take on a leadership role, raises questions about Cred's future direction, especially as it has yet to achieve profitability despite claims of a recent profitable quarter. Miten Sampat will step in as interim CEO while the board seeks to establish a new leadership structure in preparation for an eventual IPO.
This transition comes at a crucial time as WhatsApp, with its vast user base in India, struggles to gain traction with its payment tool, WhatsApp Pay, in a competitive digital payments landscape