Cred Raises $80 Million in Funding Led by GIC

FinTech startup Cred has raised $80 million in a Series F funding round led by Singapore's sovereign wealth fund GIC and other existing investors along with the participation of the existing investor's Tiger Global, Sofina Ventures, Alpha Wave Ventures, and DF International.

According to a regulatory filing with the Registrar of Companies (RoC), the digital payment platform has allotted 42,308 Series F Compulsory Convertible Preferred Stock (CCPS) at a premium of Rs. 100 and a premium of Rs. 1,47,746 for 80 million. 

According to TechCrunch reports, FinTech unicorn plans to raise $140 million in this round, with GIC taking the lead alongside existing investors Sofina, Tiger Global, FalconEdge, and Dragoneer.

Founded by serial entrepreneur Kunal Shah, Cred was launched in 2018 for people to pay credit card invoices and earn points. It has since expanded to include lending, e-commerce payments, brand promotions, and short-term credit offerings through the "Buy Now Pay Later" (BNPL) payment option.