As part of CRED’s Series H fundraising round, Meta Platforms has put up $900 million, or roughly Rs 8,550 crore. As part of the same agreement, Kunal Shah, the founder of CRED, was named the new CEO of WhatsApp, replacing Will Cathcart, who had been in charge of the messaging service for seven years.
Shah announced the change in a post on X, stating that Miten Sampat will become the startup’s temporary CEO. Shah’s personal stake in CRED will remain intact. Will Cathcart, who has been in charge of WhatsApp for the past seven years, will move to a new position at Meta concurrently. According to Mark Zuckerberg, CEO of Meta, Cathcart will be moving into a new position where he will create new things from the bottom up.
CRED, which Shah founded in 2018 as a platform for paying credit card bills, has developed into a financial mega app. It offers a variety of services, including lending, investments, insurance, UPI payments, and utility bill payments.
Through additional product launches and acquisitions, such as the purchase of the wealthtech platform Kuvera, the business has broadened its offerings over time. Additionally, the RBI gave its application for a payment aggregator license final approval in March.
To date, CRED has raised $939 million from prominent investors, including Dragoneer Investments, Peak XV Partners, and Alpha Wave Global.
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