After e-commerce launch, CRED looks to raise $200mn at a $2bn valuation

Fintech startup CRED is said to be in talks with existing investors to raise fresh funding at a post-money valuation of $2 bn. According to a TechCrunch report which cited unnamed sources, the $200 Mn transaction is expected to close within a month.

CRED focuses entirely on premium credit card users, offering them rewards and benefits for paying credit card bills. Members are only allowed once their credit score has been screened. Such data could likely be used by CRED to back its lending play.

The company claims to have added over 5.9 mn credit card users with a median credit score of 830. Shah had earlier said that the company has not witnessed any distress in repayments from its members since the Covid-19 outbreak in India.

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