Cred raises $215 mn to turn unicorn.
Credit card repayment platform Cred on Tuesday said it has closed a fresh $215-million funding round, led by new investor Falcon Edge Capital and existing backer Coatue Management. With this investment that values the company at $2.2 billion, the fintech firm helmed by Kunal Shah joins the unicorn club. Cred’s post-money valuation stood at $806 million in January after it secured about $81 million in capital from a clutch of investors.
Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group and Sofina also participated in the latest funding, which is part of the company’s series D financing round. Besides, new investor Insight Partners got added to the firm’s cap table. In all, investors have infused over $400 million in the company.