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July 29, 2019

Indian credit card bill payment start-up Cred raises $4m

Cred, a members-only credit card bill payment start-up in India, has raised $4m from American venture capital firm Sequoia.

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According to the Registrar of Filings (ROC), the company issued 20,179 Series B CCCPS shares at INR13,653.31 each to the investor.

Following the latest investment, Sequoia will hold a 12.68% stake in Cred.

Cred plans to utilise the new funding to support its growth and expansion. It also intends to utilise a part of the amount for marketing and general corporate activities.

The development comes at a time when the company is reportedly in talks to finalise its next funding round.

Founded by Freecharge founder Kunal Shah, Cred offers rewards to its members on timely credit card bill payments.

The members can pay their bill through the app and avail a range of benefits by procuring Cred coins and gems.

They coins and gems can be redeemed against purchases at e-commerce sites, coffee shops, movie theatres and others.

The start-up has already partnered with several brands including BookMyShow, Urban Ladder, Airbnb, FreshMenu and CureFit among others. Several Indian banks such as HDFC, ICICI, Kotak, Axis Bank are associated with Cred.

According to inc42.com, the company aims to utilise its customer base to foray into other services including insurance.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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