CRED on November 8 announced that its total Employee Stock Option Programme (ESOP) buyback for the year will be up to $13.5 million. This comes after CRED launched its Accelerated Wealth Program in August of this year to help its employees build wealth.
CRED began as an invite-only app that allowed for reward-based credit card payments. Team members with vested options as of October 31, 2021 will be eligible to participate in the buyback and sell a portion of their vested shares under its Accelerated Wealth Program. CRED has already offered $6.2 million in ESOP buybacks following its Series C and Series D rounds in 2021. CRED founder Shah has stated on numerous occasions that distributing wealth among employees will benefit startups in the long run, particularly when it comes to hiring top talent.