Tech

Fintech startup CRED raises $ 251 million to expand its product lineup and financial services

Yesterday, an Indian startup Raised Over $ 10 billion in the third quarter of this year, a record in itself. Now that the final quarter of 2021 has begun, FinTech startup CRED has raised $ 251 million in a Series E funding round jointly led by Tiger Global Management and Falcon Edge Capital. It doesn’t seem to be over. It’s valued at $ 4.01 billion.

The funding round also included participation from London-based Marshall Wace and Steadfast Venture Capital, as well as existing investors DST Global, Insight Partners, Coatue, Dragoneer and Sofina. CRED was last valued at $ 2.2 billion in April. Therefore, this is a sign of unprecedented growth in the Indian startup ecosystem this year. CRED itself has raised over $ 500 million from investors in the last 12 months.

CRED serves some of the most premium audiences and offers a variety of premium brands.

The 3-year-old startup aims to use the revenue from the funding round to expand its range of products and financial services for its customers. It helps people easily pay credit card invoices and earn rewards on time. It has come a long way since its inception and has more than 7.5 million users. Aiming to become a full-fledged financial services provider, we offer various services such as CRED Cash, which provides users with flexible credit lines of up to Rs. 5,000,000 at interest rates of 12% to 15%, and non-bank finance such as IDFC First Bank. Company (NBFC).

The CRED mint is a peer-to-peer investment product from which CRED users can lend money to other members and earn up to 9% interest annually. In addition, CRED Pay has made its debut in the D2C and e-commerce industry. CREDPay allows users to redeem discounts using CRED Rewards Coins throughout their e-commerce site.

Fintech startup CRED raises $ 251 million to expand its product lineup and financial services

Source link Fintech startup CRED raises $ 251 million to expand its product lineup and financial services

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