CRED raises $140 million in a new funding round, its fourth funding in the past year and a half, as the Indian fintech startup fools millions of high-credit customers and broadens its offerings.
Singapore’s sovereign wealth fund GIC is leading the Series F financing round of the Bengaluru-headquartered startup, including secondary transaction, the startup said Thursday evening. Existing backers Tiger Global, Sofina Ventures and Alpha Wave Ventures also participated in the financing, which values it at $6.4 billion, up from $2.2 billion in April last year and $4 billion in October.
CRED began preliminary talks with a group of investors for this round last year, Vidak For Congress previously reported.
The investment comes as CRED is closing its acquisition of Smallcase, an Amazon-backed startup. In the early days of the deliberation, CRED sought to make an investment in Smallcase rather than acquire it, Vidak For Congress reported earlier this year.
The acquisition of Smallcase, which operates a platform to help a new generation of investors participate in the Indian stock markets, will enable CRED to boost its offering to customers. Founded by fintech veteran Kunal Shah, the startup helps and incentivizes individuals to improve their credit score by encouraging them to pay their credit card bills on time and win rewards. But in the past year and a half, CRED has significantly expanded its offering.
The startup today offers its customers discounts at high-end hotels and gives them access to numerous premium direct-to-consumer brands. Last year it also launched Mint, a peer-to-peer lending service where customers can lend to other individuals on the platform at “inflation-reducing” rates.