Cred raising $900 million from Meta; Kunal Shah joins as WhatsApp CEO
22 Jun 2026, 07:18 PMKunal Shah is stepping away from his operating role as CEO; whereas Miten Sampat will take over the role of interim CEO at Cred.
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Cred is raising Rs 8,550 crore (~$900 million) in its Series H round led by Meta through a combination of primary and secondary share purchases, the company said in its statement.
The round comes at a post-money valuation of Rs 43,239 crore ($4.5 billion). Under the terms of the investment, Meta will join the CRED captable as a minority investor.
The Bengaluru-based fintech, in its press statement, said, "Meta will not receive access to CRED customer information."
The Series H will fuel the Kunal Shah-led company's plans to accelerate growth, build institutional muscle, and extend its leadership across categories.
In addition, Kunal Shah is stepping away from his operating role as CEO while retaining his personal shareholding in CRED. He will transition to the global leadership team at Meta. While Miten Sampat, who has driven strategy and finance for CRED since 2020, will take over as interim CEO with immediate effect.
In a separate post, Meta has announced that Shah will become the next head of WhatsApp, succeeding Will Cathcart, who has led the messaging platform since 2019.
"The board and leaders are in the process of constituting the right leadership structure towards eventual IPO," the company added.
Kunal Shah, founder, CRED, said: “I started CRED in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, ~Rs 3,200 crore (~US $325 million) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I’m stepping back with gratitude and with conviction that the team will keep raising the bar.”
Shailendra Singh, MD, PeakXV Partners, added, “We are excited about the next phase of CRED as it strengthens the product, platform, and distribution moats it has built, and believe it will go from strength to strength in the years ahead.”
CRED is into payments, lending, insurance, wealth, and lifestyle and claims that 1.7 crore (17 million) members engage with its platform every month. It processes over 40% of credit card bill payments in India. CRED’s lending business has grown to Rs 24,000 crore (~$2.5B+) in managed AUM for the top financial institutions in India.
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