Cred has now secured a $120 Million in the funding round led by the Ribbit Capital, and Gemini Investments which is a personal investment vehicle of partners at Yuri Milner DST Global and Sequoia Capital.
Some of the new investors joining the financing round, which even values the startup at $450 million include the General Catalysts, tiger Global, Greenoaks Capital, Hillhouse Capital and Dragoneer. The Cred was valued at around $75 million when it first raised capital last year.
Cred has disrupted the credit card market in India which, via small, has been consistently growing over the past few years. As per the latest members shared by the RBI, there are almost 50 million credit cards in the country.