Cred, a Bengaluru-based credit card bill payment startup, has been able to raise close to $120 million (approx ₹861.39 crore) as a part of its series B round led by Ribbit Capital, Gemini Investments, as well as Sequoia Capital.
Other investors who are participating as a part of this round include Russian tech fund RTP Global, Asia based investment management firm HillHouse, New-York based investment fund Tiger Global, San-Francisco Greenoaks Capital, DF International, General Catalyst and Dragoneer.
While, Kunal Shah, founder of Cred said that that funds will be used for international expansion as well as to develop newer products in partnership with banks.
Post round, Cred’s valuation stands at around $450 million (approx ₹3230 crore).
It lets credit card holders pay bills through an app, and get a bouquet of benefits via Cred coins and gems. These virtual coins and gems can be redeemed across coffee shops, movie theatres, ecommerce sites, among others.
Some of the already established companies that provides similar credit card services as Cred, include SBI Prime Card, HDFC Regalia First Credit Card, American Express Membership rewards credit card, SBI Simplyclick credit card, ICICI Amazon Pay, and many more.