New Delhi [India], June 22 (ANI): Fintech platform CRED on Monday announced that it will raise Rs 8,550 crore (around USD 900 million) in its Series H funding round led by Meta, as the company looks to accelerate growth and strengthen its position across financial services categories.

According to the company, the investment will be structured through a combination of primary and secondary share purchases.

Following the transaction, CRED will be valued at a post-money valuation of Rs 43,239 crore (around USD 4.5 billion), while its pre-money valuation stands at Rs 38,819 crore (around USD 4.03 billion).

The company said Meta will join CRED's cap table as a minority investor. It also clarified that Meta will not receive access to any customer information as part of the investment.

CRED said the fresh capital will be used to accelerate growth plans, build institutional capabilities and extend its leadership across various business categories.

Over the years, CRED has expanded beyond its original credit card bill payment offering and now operates across payments, lending, insurance, wealth and lifestyle segments.

According to the company, around 1.7 crore members engage with its products every month. CRED said it currently processes more than 40 per cent of credit card bill payments in India, commanding significant volume in a category it created eight years ago.

The company also highlighted the growth of its lending business, which has expanded to Rs 24,000 crore (around USD 2.5 billion) in managed assets under management (AUM) for some of India's leading financial institutions.

As part of the leadership transition accompanying the funding round, Founder Kunal Shah will step away from his operating role as Chief Executive Officer while retaining his personal shareholding in the company. Shah will transition to Meta's global leadership team.

The company said Miten Sampat, who has led strategy and finance at CRED since 2020, will take over as interim CEO with immediate effect. It added that the board and leadership team are working towards creating the appropriate leadership structure as the company progresses towards an eventual initial public offering. (ANI)