Cred raises $215mn, offers ESOP buyback worth $5 mn

Fintech firm Cred on Tuesday said it has raised USD 215 million (about Rs 1,578.6 crore) in funding, led by Falcon Edge Capital and existing investor, Coatue Management LLP, pushing the fintech firm's valuation to USD 2.2 billion.

The Series D round also saw participation from Insight Partners along with existing investors, DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina, a statement said.

Cred, which is operated by Dreamplug Technologies, has raised USD 442 million in funding to date.

"With this, Cred has raised USD 215 million, at a post-money valuation of USD 2.2 billion. Cred will also offer its team another ESOP buyback opportunity, with a cumulative value of USD 5 million (about Rs 36.7 crore)," a statement said.

Cred founder Kunal Shah said the credit card category in India is expanding rapidly and there is a massive opportunity to shape responsible behaviour, imagine new use cases, and create a rewarding platform for members.

"Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building, and we are delighted to share the value created with investors, team members, as well as partners and the Cred community," he added.

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