Cred

Founded in 2019 in India, Startup Cred is developing an application that rewards customers for paying credit card bills on time and gives them access to a number of additional services, such as credit and a premium product catalog from leading brands. A potential Cred user must have a credit rating of at least 750 points in order to be able to subscribe to startup services. Cred serves more than 6 million customers (about 22% of all credit card holders and 35% of all premium credit card holders) in the second largest Internet market in the world - India. (by April 2021).

History

2021

Raising $251 million, estimated at $4.01 billion

On October 19, 2021, Cred announced the attraction of $251 million in investments. According to the results of this round of financing, the startup was estimated at $4.01 billion. The funds received are planned to be used to expand the existing range of products and financial offers for customers.

The funding round was led by Tiger Global and Flacon Edge Capital funds. Two new investors also took part in the deal: London-based Marshall Wace and Steadfast Capital. Other participants in this round of funding were existing investors Insight Partners, Coatue Management, Sofina, RTP Global and Yuri Milner's DST Fund.

Yuri Milner Foundation invests in Indian financial services marketplace in $251 million round

By October 2021, the startup offers five different products: Cred RentPay, Cred Cash, Cred Pay, Cred Store, Cred Travel Store. By April 2021, the company had more than 5.9 million users, and the company processed about 20% of all credit card payments in India.

Cred users can make it easier to pay with a credit card and get several other benefits, including:

1. Easy payment of invoices through such methods as instant payment system, online banking and debit cards;

2. Timely payment of credit card invoices;

3. Automate payment of credit card invoices;

4. Identify hidden credit card payments using Card Protection;

5. You can receive real-time alerts about duplicate credit card transactions;

6. The user has the ability to manage multiple credit cards on the same portal;

7. The user has the ability to monitor credit history in real time.

The user can apply for membership in the program by registering on the Cred website, specifying his name and a valid mobile phone number issued in India. Cred claims to be the most reliable and creditworthy community in the country. This means that the startup selectively approaches the choice of its members. To join Cred, you must have an Experian credit rating of at least 750. Banks supporting CRED: American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, Axis, Kotak, RBL, PNB and leading Indian banks. The startup platform supports VISA, MasterCard, American Express and Rupay cards. ^[1]