Indian fintech firm Cred is set to raise $200m in a fresh funding round which will be led by Singapore’s sovereign wealth fund GIC, reported LiveMint.
The new round is expected to raise the firm’s valuation to more than $6.5bn, two people privy to the development told the publication.
Information on other investors participating in the round was not revealed.
Spokespeople for GIC and Cred did not comment on the news.
Founded in 2018, Cred offers an online platform that allows users to pay their credit card bills and win rewards from various brands and businesses.
It receives an agreed-upon fee from these companies when users redeem their rewards.
In recent years, Cred has expanded its presence into the lending and e-commerce space.
In October last year, the firm raked in $251m in a Series E round led by Tiger Global and Falconedge with participation from Marshall Wace and Steadfast.
The round more than doubled Cred’s valuation to $4.01bn from the previous $2.2bn in a span of six months.
Meanwhile, GIC has been ramping up its foothold in the Indian fintech segment of late. It owns stakes in major Indian fintech firms including Paytm and Razorpay.
Recent developments in Indian fintech space
Last month, BharatPe struck a five-year strategic partnership with Worldline brand Ingenico to boost the adoption of point-of-sale devices in India.
The same month, PayU teamed up with digital commerce platform VTEX to offer multiple local payment solutions to merchants on the latter’s platform.
In February, UK-based fintech firm Revolut scooped up India’s international money transfers company Arvog Forex to strengthen its foundation in the country.