Funding round
CRED Series B
CRED, which works in credit card payment rewards services in Mumbai, raised $120M in a Series B round announced on 26 Aug 2019, led by Sequoia Capital, Ribbit, Gemini Investors and DST Global, at a $450M post-money valuation. 13 firms took part, 2 of them already investors. It is CRED's first venture round on record.
$120M
Amount raised
$450M
Post-money valuation
$330M pre-money
13
Investors
4 leads
27%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced CRED at $450M after the new money. The $120M bought investors about 27% of the company. It is CRED's first venture round on record, 1 year after it was founded in 2018. It is 6.7% of the $1.78B CRED has raised in the venture rounds on record. CRED raised again 17 months later: a Series C round of $81M in Jan 2021, at $806M post-money.
CRED's funding rounds
CRED has 7 venture rounds on record. This one is highlighted.
- Series B this round 26 Aug 2019, led by Sequoia Capital, Ribbit and Gemini Investors $120M$450M post-money
- Series C 4 Jan 2021, led by DST Global $81M$806M post-money
- Series D 6 Apr 2021, led by Alpha Wave Global and Coatue $215M$2.20B post-money
- Series E 18 Oct 2021, led by Tiger Global and Alpha Wave Global $251M$4.01B post-money
- Series F 9 Jun 2022, led by GIC $140M$6.40B post-money
- Series G 30 May 2025 $75M$3.50B post-money
- Series H+ 23 Jun 2026, led by Meta $900M$4.50B post-money
Investors
Who put money in
Sequoia Capital, Ribbit, Gemini Investors and DST Global led the round with 9 other firms. Sequoia Capital and Ribbit had backed CRED before.
Lead investors
- Sequoia Capital backs 589 venture-backed companies existing investor
- Ribbit backs 126 venture-backed companies existing investor
- backs 3 venture-backed companies new investor
- DST Global backs 179 venture-backed companies
Also in the round
- Tiger Global backs 391 venture-backed companies new investor
- Hillhouse backs 54 venture-backed companies new investor
- backs 99 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- Greenoaks backs 77 venture-backed companies new investor
- Dragoneer Investment Group backs 82 venture-backed companies new investor
- DF International new investor
- Anxa Holding new investor
- HH DTPL Holdings II Limited new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
37 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $24M, and this round was 5.0 times the median. The closest in time, other companies' Series B rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Bolt Payment Processing & Point of Sale | 1 Jul 2019 | $68M | not disclosed | Activant and Tribe Capital |
| Payment Processing & Point of Sale | 13 Sep 2019 | $67M | not disclosed | Lightspeed Venture Partners and Tiger Global |
| Payment Processing & Point of Sale | 15 Jul 2019 | $55M | $250M | Gauss Ventures |
| Greenlight Payment Processing & Point of Sale | 16 Sep 2019 | $54M | not disclosed | Drive Capital |
| Payment Processing & Point of Sale | 9 Jul 2019 | $35M | not disclosed | Horizons Ventures and Tencent |
| Payment Processing & Point of Sale | 1 Jul 2019 | $34M | not disclosed | Creandum |
| Payment Processing & Point of Sale | 3 Jul 2019 | $14M | not disclosed | Goodwater Capital and Mitsubishi UFJ Capital |
| Payment Processing & Point of Sale | 23 Sep 2019 | $4.8M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did CRED raise in its Series B round?
CRED raised $120M in its Series B round, announced in Aug 2019.
Who led CRED's Series B round?
Sequoia Capital, Ribbit, Gemini Investors and DST Global led it, with Tiger Global, Hillhouse, RTP Global, General Catalyst and Greenoaks and 4 more.
What was CRED's valuation at the Series B round?
$450M post-money ($330M pre-money).
How does it compare with other Series B rounds in Payment Processing & Point of Sale?
37 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $24M, and this round was 5.0 times the median.
Did CRED raise again after this round?
Yes: a Series C round in Jan 2021 of $81M at $806M post-money.