Credit card bill payment platform Cred has completed a new Series E funding round and has raised US$251 million.
The said funding round was co-led by Tiger Global Management and Falcon Edge Capital and drew commitments from new investors including Marshall Wace and Steadfast Venture Capital.
The returning backers who took part in the round include DST Global, Insight Partners Coatue, and Sofina. With this newly completed funding round, Cred’s valuation has soared to US$4 billion.
Cred’s mobile application serves as a platform for India-based members-only club and also has an attractive rewards system for users who pay their credit card bills early enough.
Via its platform, users can manage multiple cards also receive allows credit card users to manage multiple cards and also to receive a credit score rating. To qualify for a Cred membership, users must have a minimum Experian credit score of 750.
Cred was at a valuation of US$803 million and US$2.2 billion in January and April respectively, following two funding rounds.
The firm has been in operation for only three years and is already home to over 7.5 million users, about one-third of India’s total of 25 million credit card users.
The firm hopes to use this new capital for product development and general service expansion.
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