Cred raises $80 million in a stellar Series F funding round

10 Jun 2022 , 03:08 PM

According to news sources on Thursday, fintech firm Cred has raised $80 million in a Series F investment round headed by Singapore’s sovereign wealth fund GIC and other current investors.The investment round included current investors Tiger Global, Sofina Ventures, Alpha Wave Ventures, and DF International.

According to a regulatory filing with the Registrar of Companies (RoC), the digital payments platform has allotted 42,308 Series F Compulsorily Convertible Preference Shares (CCPS) having a face value of Rs 100 each at a premium of Rs 1,47,746 each to raise $80 million.
The firm raised money in three phases in 2021: $81 million in the Series C round, $215 million in the Series D round, and lastly $251 million in the Series E round.

Cred, a platform for paying credit card bills and earning points, was launched in 2018 by serial entrepreneur Kunal Shah. Since then, it has grown into loans, e-commerce payments, brand advertising, and short-term borrowing through Buy Now Pay Later (BNPL) alternatives.
The rather successful fundraiser comes at a time when overall investment for Indian businesses has been stalled due to a global correction in digital company valuations.