- CRED announced it has raised $81 million in funding at an $806 million valuation.
Earlier this week, CRED announced it has raised $81 million in funding. This round of funding values CRED at $806 million, according to Bloomberg. Partners of existing investor DST Global led the series C round of funding along with Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst. Sofina, Coatue, and Satyan Gajwani of Times Internet also invested in this round.
With this funding round, existing and former employees have liquidated their employee stock ownership plans — collectively worth about $1.2 million. In total, CRED has raised a total of about $228 million across four rounds. And this includes $1 million in seed capital from founder Kunal Shah (QED Innovations), $25 million in series A, and $120 million in series B round.
How does CRED work? CRED rewards credit card users for making bill payments on time. Currently, the service has about 5.9 million users on its platform.
