Member-only fintech and ecommerce platform CRED is in the process of acquiring corporate expense management platform Happay. While the amount of the cash and stock transaction is not disclosed, CRED's acquisition of Happay will be valued at $180 million, providing Happay investors with a lucrative exit.
Happay is a platform for managing business expenses, payments, and travel. It claims to manage work-related expenses for over 1 million users globally, serving 6K+ businesses. The company automates spend management workflow, allowing businesses to manage expenses, corporate cards, and corporate travel booking from a single platform. It ensures compliance and visibility with an end-to-end audit trail, allowing it to build a strong proposition in a contactless, paperless fintech world. With this acquisition CRED members will be able to manage personal expenses through Happay, and Happay's customers will be brought under the CRED umbrella.