Indian fintech Cred has reportedly secured $251m in a Series E round, more than doubling its valuation to $4.01bn from the previous $2.2bn in a span of six months.
The fundraising follows the firm’s $215m Series D funding round, which brought its valuation to $2.2bn from $806m.
The latest round was led by existing investors Tiger Global and Falconedge with participation from two new investors; Marshall Wace and Steadfast.
It was also joined by existing investors including DST Global, Insight Partners, Coatue, Sofina, RTP, and Dragoneer, Livemint reported citing people aware of the development.
Established in 2018, Cred provides an online platform that lets users 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.
The firm recently branched out into lending with the launch of Cred Cash.
Cred plans to use the fresh capital to expand its current range of products and roll out further financial service offerings for its customers, the sources divulged.
They company is also said to be approached by many new investors. The potential investments could value the firm between $5m and $6m.
Cred however, has no plans for a new funding round anytime soon.
The company said in an e-mailed statement to Mint: “Cred is fortunate to have consistent inbound interest owing to the value created for investors and team. However, the information that Cred is looking to raise another round is wrong.”
Meanwhile, Indian fintech sector is continuing to attract capital from around the world.
Last month, Australian buy-now-pay-later firm Zip made a strategic move into the Indian BNLP space with a $50m investment in fintech ZestMoney.
The same month, Indian digital payments and merchant commerce firm Pine Labs secured a $100m investment from the US-based Invesco Developing Markets Fund.