India-based CRED, which rewards users for paying their credit card bills, has reportedly raised $140m in its fourth investment in the past 18 months.
The round was led by Singaporean sovereign wealth fund GIC, according to a report from TechCrunch. Commitments also came from existing CRED backers, including Tiger Global, Sofina Ventures, Alpha Wave Ventures and Dragoneer.
This fresh equity injection brings CRED’s valuation to $6.4bn, up from $4bn in October 2021.
CRED currently has over nine million members. Users earn CRED coins whenever they pay credit card bills on the platform, which can then be used to buy an assortment of rewards. These include products from Puma, Samsung, dineout, Myntra, cure.fit and more.
Not only can CRED be used to pay bills, but also monitor spending. Its mobile app provides category-based analysis of spending, detects hidden charges and tracks credit limits in real-time.
There is also a raffle where users can spend CRED coins to participate in competition for exclusive rewards.
India has a booming FinTech sector. Earlier this week, Slice raised a $50m funding round, which put its valuation between $1.5bn and $1.8bn. The company offers a mobile app to simplify payments, with the ability to scan and pay instantly, or easily send money to friends.
There are not just late-stage investments in the country. There have been some big seed funding rounds in Q1 2022. This biggest was raised by student loans service Kuhoo, which bagged $19.8m.
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