Indian fintech start-up CRED secures $251m Series E funding

Bangalore-based fintech start-up CRED has raised $251 million in a new round of financing led by existing investors Tiger Global and Falcon Edge Capital.

The fintech was founded in 2017 by Kunal Shah

TechCrunch reports the new cash takes the company’s valuation to more than $4 billion.

The Series E also saw participation from Marshall Wace and Steadfast as well as DST Global, Insight Partners, Coatue and Dragoneer, among others.

CRED aims to help people improve their credit score by incentivising members to pay their credit card bills on time. Members who pay their bills on time are rewarded with access to premium brands on the platform. It currently boasts 7.5 million users.

Founded in 2017 by Kunal Shah, the firm’s app also offers a range of finance management features including the ability to track spending across various credit cards.

TechCrunch reports that CRED has not disclosed where the new cash will be spent.

Earlier this month, the company contributed to the $90 million Series A round for capital access platform CredAvenue, while Shah also participated in a $50 million investment round for Amazon-backed buy now, pay later firm Capital Float.