Fintech agency CRED valued at $4 billion in new funding spherical

India’s CRED mentioned on Tuesday it had raised $251 million in a brand new funding spherical led by current buyers and personal fairness companies Tiger Global and Falconedge, valuing the fintech firm at $4.01 billion.
“Two new investors – Marshall Wace and Steadfast – joined the cap table. DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer increased their investments in CRED with this round,” a CRED spokesperson mentioned in an emailed assertion.
Founded in 2018, CRED permits customers to pay their bank card payments by its on-line platform and rewards them with affords from varied manufacturers and firms akin to Puma and Samsung. When a consumer redeems a reward, the corporate then pays CRED an agreed-upon charge.
The firm additionally gained a following on social media in current months after releasing net commercials with quirky storylines.
Indian startups have been on a tear in 2021, with a number of firms getting into the unicorn or $1 billion membership, whereas different high-profile names together with meals supply app Zomato and lodge aggregator Oyo itemizing or pursuing a debut on home inventory exchanges.