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The Silicon Review Asia

CRED's Valuation Jumps to $4 billion after Series E

CRED's Valuation Jumps to $4 billion after Series E

The Series E was led by Tiger Global and Falcon Edge

India-based fintech has announced that it has raised $251 million in its latest round of funding. The round was co-led by Tiger Global and Falcon Edge. Rest of the investment came from Marshall Wace, Steadfast, DST Global, Insight Partners, Coatue, Sofina, RTP, and Dragoneer. The company is now valued at $4.01 billion.

The company had been valued at $2.2 billion after its previous round in April this year. The company is expected to use the funds to expand its range of existing products.

CRED is not looking to raise any more funds in recent future. “Cred is fortunate to have consistent inbound interest owing to the value created for investors and team. However, the information that Cred is looking to raise another round is wrong,” said the company to Mint.

The Kunal Shah-led company has closed three high-profile funding rounds within a year. Cred ‘Cash’ provides members an instant line of credit, with interest rates ranging from 12% to 15%, and partners with non-banking finance companies (NBFCs) to fund these loans.

A members-only credit card bill payment platform, CRED, has been growing at a fast pace. The company has over 1,300 brand partners and has a customer base of 7.5 million in India.

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