CRED, an India-based fintech startup, has reportedly secured $81 million through its Series C funding round, which was notably led by DST Global with participation from Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst. The investment round brings CRED’s post-money valuation to $806 million. Founded in 2018, CRED describes itself as a member-only mobile app that rewards users with exclusive rewards for paying credit card bills.
“We’re a team of creative, driven and persistent people. We want to create a community of the creditworthy. We want to re-imagine the ideal way of life that works on two way trust and respect. Every partnership, collaboration or idea we create works towards providing an experience beyond imagination. Every member is passionate towards this goal. This passion seamlessly drives us forward.”
During a recent interview with TechCrunch, Kunal Shah, Founder of CRED, stated that CRED earns funds by cross-selling financing products with more than 1,300 brands (including Starbucks, TAGG, Eat.Fit, and Nykaa) have joined the platform.
“We realized that we were able to solve the discovery problem for customers. We are approaching this with themes — work-from-home and coffee — and it’s working out well. We are now playing matchmaking role between customers and brands that otherwise had to spend a lot of money in marketing.”
CRED is planning to use the funds to continue the growth and development of its platform and products.