Cred raises $80 million in a funding round led by DST Global, valuation now up at $800 million – Business News , Firstpost

Cred, a compensation platform for bank cards has raised over $80 million in collection B funding. The funding was led by DST Global. DST Global had invested in Cred in the earlier monetary 12 months as effectively. Along with DST Global, Ribbit Capital, Sequoia Capital, and Tiger Global have additionally invested in Cred. Cred had raised funds twice in 2019 alone. A collection A round of $125 million and a collection B funding of $120 million from Sequoia Capital, Ribbit Capital, and others. This 2 12 months previous startup has gone from $450 million to $800 million, in phrases of valuation. Around the identical time final 12 months, Cred had raised $30 million in its seed round. 

Launched in 2018, Cred is an app that helps customers pay and handle their bank card. It affords rewards and incentives linked to the bank card fee. It is for individuals who have a minimal credit score rating of 750 or above.

CEO of Cred, Kunal Shah was additionally the co-founding father of Freecharge which is at present owned by non-public lender Axis Bank.

Cred not too long ago introduced an official partnership with the Indian Premier League (IPL). In the early phases of the pandemic, Cred introduced a new characteristic known as Cred RentPay the place customers might pay their lease utilizing their bank cards. Another characteristic introduced was Cred Stash, a straightforward and digital method of acquiring credit score in India.