Credit card payments firm CRED has raised $251 million in Series E funding at a valuation of $4 billion in barely six months amid an unprecedented startup funding boom, sources have said. The Series E round was led by existing backers Tiger Global Management and Falcon Edge Capital with two new investors-hedge funds Marshall Wace and Steadfast Capital-also joining in.
It has raised over $500 million from investors in the last 12 months. In April, the fintech firm raised $215 million in its Series D round at a valuation of $2.2 billion.
CRED which started out in 2018 as a credit-card payment platform, helps and rewards people improve their credit score by encouraging them to pay their credit card bills on time, it has amassed over 7.5 million members, it also offers its members access to a range of premium brands. The startup, unlike most others in India, doesn’t focus on the usual TAM of India hundreds of millions of users, instead caters to some of the most premium audiences.