The Bengaluru-based fintech startup CRED has raised $120 million in its Series B round from major investors.
CRED is a member-only app that rewards the user with exclusive rewards for paying credit card bills founded by Kunal Shah in 2018. Only 9-months-old, CRED already raises almost $120 million in its Series B funding round.
CRED is committed to protecting the data and information of its members. The company works on the guiding principle of opt-In consent and full transparency. The company’s security processes and technology implementations combined with regulatory compliance is how its access, store, and use member data.
The funding was led by Ribbit Capital – a US-based fintech-focused investor and DST Partners – a venture investment firm. Gemini Investments and Sequoia Capital also joined the Series B funding round.
CRED plans on using the money on helping people improve financial behavior. “Nobody taught us about how to use money,” Shah told TechCrunch. “This has created a huge trust gap in India. If you look at developed markets, systematic trust is very high between all the entities. Members don’t have to rely on third-parties. In India, even if you wanted to rent a flat, you look for brokers, for instance,” he added.
The company is also planning on bringing products on the platform that can be monetized. CRED will also be launching new consumer products powered by banks. We are in talks with banks for partnership and launch new products powered by them,” said Shah.
CRED is now valued at $430 million to $450 million.