CRED has raised $251 million in a funding round, doubling its valuation to $4 billion. The Series E funding round was led by existing investors Tiger Global Management and Falcon Edge Capital with two new investors Marshall Wace and Steadfast Capital. Other existing backers DST Global, Insight Partners, Coatue Management, Sofina and RTP Global, joined the funding.
CRED was founded in 2018 as a credit-card payment platform providing its users with points for paying their bills and has added different products like rent payments and personal loans as it wants to become a financial services provider. Run by Kunal Shah, It has recently launched Mint, a peer-to-peer lending feature where CRED users can loan money only at a 9 per cent interest rate to other users.