Bengaluru-based fintech major Cred raised $72 million in a new funding round, resulting in a valuation of $3.5 billion, down from $6.4 billion previously.
The funding round was led by Singapore's GIC through its Lathe Investment arm, with participation from investors like RTP Global, Sofina Ventures, and QED Innovation Labs.
Cred's revenue grew by 66% year-on-year to Rs 2,473 crore in FY24, with operating losses narrowing to Rs 609 crore. The company is expanding its services beyond credit card bill payments.
Cred is focusing on broadening its platform to include personal loans, secured lending against mutual funds, and vehicle-related services through Cred Garage. It aims to evolve into a comprehensive financial services provider.