The famous payment app, Cred is led by Kunal Shah. He also a founder of FreeCharge. The app strives to make paying credit card bills much simpler. Besides rewarding clients for repaying them on terms. So lately, the app Cred assured to buy back employees stock option. Indeed that is worth 1.2 million dollars. This session is on part of Cred’s Series C fundraise. It plays a vital role as it doubles the appraisal to over 806 million dollars. Moreover, the firm confirms the deal by insisting on services. The eligible employees can invest as much as fifty percent of their shares.
On the other hand, the firm said that ten percent of its cap table will be allotted to ESOPs. For people, who are wondering what does EOPs mean? Well, it is denoted Extended Opportunity Programs and Services (EOPS); a state-funded curriculum. It aims to help low-income and educationally disadvantaged students to thrive in good colleges. Besides, EOPS renders eminent academic counseling and other supportive services to support students in colleges. So the profit is obvious for the firm as well as the employees.
What is the recent rise of Cred about?
“Cred has been raising 81 million dollars in its series C round at a post-money valuation of 805 million dollars”, claims Cred officials. Also continues by saying that “Existing investor DST Global led the round, along with Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst”. The firm also states that Sofina, Coatue, and Satyan Gajwani from Times Internet are part of this round’s investment.
The firm official also reveals that the raise is to support its next phase of growth. Adding to that, he appreciates employees for their representation in the forthcoming success.
The founder of Cred, Kunal Shah also adds that “We are committed to enabling wealth creation opportunities for them and have allocated 10% of our cap table for ESOPs even at the Series C stage”.
What is the net worth of Cred?
In India, Cred holds up to 20% credit card bill payments. And a median credit score of 830, there were over 5.9 million users. And over 35% of premium credit card holders are available on Cred. So it concludes that at least one out of five will work on bringing their credit scores above 750. Eventually becoming members, and intensifying cred’s potential in businesses.