Mumbai: Fintech company CRED founder Kunal Shah has stepped down as the company’s Chief Executive Officer (CEO). He will now join Meta to take charge as the global Head of WhatsApp.
This leadership change comes at an important time for CRED as the company enters a new growth phase. Shah said the company is now ready for its next stage of expansion and transformation.
Miten Sampat Named Interim CEO
Kunal Shah said he is moving away from day-to-day operational responsibilities. In his place, Miten Sampat will take over as interim CEO.
Sampat has been associated with CRED since 2020 and has played a major role in shaping the company’s business and strategy. Shah said CRED has built a strong leadership team that will continue driving growth and innovation.
He added that he will remain closely connected with the company and support its long-term vision.
Meta Leads $900 Million Funding Round
At the same time, Meta has led CRED’s Series H funding round with an investment of $900 million.
Following this funding round, CRED’s valuation has reached $4.5 billion. Meta will receive a minority stake in the company.
Shah clarified that Meta will remain only a minority investor and will not have access to CRED customer data. He assured users that privacy and data protection will remain a top priority.
IPO Plans Continue
Speaking about his new role, Shah said WhatsApp has huge untapped potential and there is still a large gap between its current position and future possibilities.
He said he is excited to work with Mark Zuckerberg and Meta’s leadership team to help shape WhatsApp’s next growth journey.
CRED’s board and management team will continue working on the company’s future strategy, including possible IPO plans.
