Indian fintech firm Cred has raised about $80m in the first tranche of its latest funding round led by GIC with participation from existing investors, including Tiger Global and Sofina Ventures.
The credit card payment firm aims to raise $140m in this Series F funding round through a mix of both primary and secondary deals, according to multiple reports.
The round is expected to value Cred at $6.4bn.
Cred was last valued at $4.01bn following its $251m financing round in October last year. The round, which was led by Tiger Global and Falconedge with participation from Marshall Wace and Steadfast, more than doubled the firm’s valuation from the previous $2.2bn.
In April this year, a report by Livemint said that Cred was in talks to raise $200m in a funding round at a valuation of more than $6.5bn.
Founded in 2018 by Kunal Shah, 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.
Cred plans to use the proceeds from the new funding rounding to support the expansion of its business and for ‘future growth’ including meeting long-term and short-term funding requirements and general corporate purposes, the reports said.
The firm acquired liquor delivery startup HipBar in October last year as part of a strategy to enter the wallet payments business, according to Livemint.
In December, the firm further accelerated its acquisition drive with a deal purchase corporate expense platform Happay.