CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others

Fintech unicorn CRED has secured $72 million in a new funding round with participation from Lathe Investment Pte Ltd (a subsidiary of Singapore's GIC), Kunal Shah's QED, and other existing investors. This investment is seen as a move to bolster the company's financial position amidst a challenging funding environment for startups. CRED, known for its rewards platform for credit card bill payments, has been diversifying its services to include lending, insurance, and e-commerce. The fresh capital will likely be used to further develop these new product lines, enhance the user experience, and fund potential acquisitions. The continued backing from prominent investors signals confidence in CRED's long-term strategy and its ability to monetize its high-value user base. This funding round is crucial for the company as it navigates the competitive fintech landscape and works towards achieving profitability.