BENGALURU: Fintech unicorn CRED said it is raising $140 million in its Series F round, and with this new round, its valuation will jump to $6.4 billion. The new funding round is said to be in a mix of primary and secondary funding.
GIC of Singapore will lead the round and other existing investors Sofina, Tiger Global and FalconEdge and Dragoneer will participate in the round. Kunal Shah-led CRED was launched in 2018 for credit-worthy individuals to pay their credit card bills and earn points.
The fintech company has been rapidly expanding in recent times. This fundraising also comes at a time when start-ups are struggling to find investors, as they are following a cautionary approach. Also, NPCI Bharat BillPay, the wholly-owned subsidiary of National Payments Corporation of India (NPCI) announced the on-boarding of CRED as a key Agent Institution (AI) for providing easy bill payment solutions to CRED members.
With this collaboration, CRED members will be able to make recurring payments across several segments like electricity, and telecom, among others.