CRED said to raise $80m in round that values it at $800m

August 12, 2020

CRED, which provides consumers with rewards for paying their credit card bills, has reportedly closed a new funding round on $80m.

The Series C round was led by existing CRED backer DST Global, according to a report from TechCrunch, which cites people familiar with the matter. Other existing CRED backers, including Ribbit Capital and Sequoia Capital, also contributed to the round.

This capital injection was raised at a post-money valuation of $800m, which has increased from the $450m it was valued at after the $120m Series B in 2019.

CRED, which was founded in 2018, aims to encourage users to be more responsible with how they use credit cards.

Users are incentivised to be more financially responsible. When paying a credit card bill through the app, a user is given CRED coins, which can be redeemed for products at a range of brands, including Puma and Samsung.