Fintech company CRED has raised $900 million in a funding round led by Meta at a post-money valuation of $4.5 billion, according to inc42.com. On the same day, founder Kunal Shah stepped down as CEO to take on a global leadership role at WhatsApp, with Miten Sampat appointed as interim CEO. The fresh capital will support CRED’s expansion into multiple consumer services.
The funding round included $500 million of fresh capital entering CRED and a $400 million secondary sale allowing early investors and employees to cash out, inc42.com reported. The leadership transition appears planned, as CRED has built a strong management team across product, finance, growth, and business functions. Shah’s step back coincides with the company preparing for an IPO and scaling its diversified offerings.
CRED currently serves 17 million users and manages a lending book worth ₹24,000 crore. Its ecosystem now includes wealth management through Kuvera, mass-market lending with Cash by CRED, and lifestyle services like Garage. The $900 million war chest will help finance and scale these consumer-facing verticals, positioning CRED as a super app in the Indian fintech landscape, inc42.com noted.
Meta’s investment provides the social media giant access to one of India’s influential fintech platforms. The next major milestone for CRED will be its IPO, which the company is preparing for as it expands its product ecosystem and governance structures.