Bengaluru, June 23(CXO Media): CRED founder Kunal Shah is set to become WhatsApp’s new global leader as Meta invests $900 million in the fintech company, valuing it at $4.5 billion.
CRED founder Kunal Shah is set to take charge of WhatsApp while Meta invests $900 million in the Indian fintech company. The leadership change comes alongside a major investment by Meta Platforms in CRED, valuing the Bengaluru-based fintech firm at approximately $4.5 billion. The funding round is expected to raise around Rs 8,550 crore through a mix of primary and secondary share transactions.
Meta Backs CRED As Leadership Changes
Meta CEO Mark Zuckerberg confirmed that Shah will join the company’s global leadership team and become the next leader of WhatsApp. He credited Shah’s experience in building CRED into a large technology platform and said the entrepreneur brings a strong product-building approach to the messaging business.
The announcement follows the decision of current WhatsApp chief Will Cathcart to step down after leading the platform for seven years. Cathcart will move to a new role within Meta focused on building new products.
What Happens To CRED Now?
With Shah stepping away from day-to-day operations, CRED has appointed Miten Sampat as interim CEO. Sampat has led strategy and finance at the company since 2020 and will oversee operations as the company prepares for its next phase of growth.
CRED said Meta will remain a minority investor and will not receive access to customer data. The company added that its board and leadership team are working on plans required ahead of a potential public listing.
Founded in 2018, CRED has expanded beyond credit card bill payments into lending, insurance and wealth management services. The company says it serves 17 million monthly users and processes more than 40% of India’s credit card bill payments. For FY25, CRED reported operating revenue of Rs 2,735 crore, while reducing its operating loss compared with the previous year.
The investment marks a significant step for both companies, strengthening Meta’s presence in India’s technology ecosystem while giving CRED additional capital as it moves closer to a potential IPO.
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