Funding round
CRED Series D
CRED, which works in credit card payment rewards services in Mumbai, raised $215M in a Series D round announced on 6 Apr 2021, led by Alpha Wave Global and Coatue, at a $2.20B post-money valuation. 9 firms took part, 7 of them already investors. It is CRED's third venture round on record; the one before was a Series C in Jan 2021.
$215M
Amount raised
$2.20B
Post-money valuation
$1.99B pre-money
9
Investors
2 leads
2.7x
Step-up from the Series C
$806M in Jan 2021
9.8%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced CRED at $2.20B after the new money, 2.7 times the $806M of its Series C (Jan 2021). The $215M bought investors about 9.8% of the company. It came 3 months after CRED's Series C. It is 12% of the $1.78B CRED has raised in the venture rounds on record. CRED raised again 6 months later: a Series E round of $251M in Oct 2021, at $4.01B post-money.
CRED's funding rounds
CRED has 7 venture rounds on record. This one is highlighted.
- Series B 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 this round 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
Alpha Wave Global and Coatue led the round with 7 other firms. Coatue, DST Global, RTP Global and Tiger Global and 3 more had backed CRED before.
Lead investors
- Alpha Wave Global backs 78 venture-backed companies new investor
- Coatue backs 229 venture-backed companies existing investor
Also in the round
- Insight Partners backs 548 venture-backed companies new investor
- DST Global backs 179 venture-backed companies existing investor
- backs 99 venture-backed companies existing investor
- Tiger Global backs 391 venture-backed companies existing investor
- Greenoaks backs 77 venture-backed companies existing investor
- Dragoneer Investment Group backs 82 venture-backed companies existing investor
- Sofina backs 45 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series D rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $169M, and this round was 1.3 times the median. The closest in time, other companies' Series D rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 1 Apr 2021 | $425M | $7.40B | Tiger Global |
| Plaid Payment Processing & Point of Sale | 7 Apr 2021 | $425M | $13.40B | Altimeter and Silver Lake |
| Greenlight Payment Processing & Point of Sale | 27 Apr 2021 | $260M | $2.30B | Andreessen Horowitz |
| Payment Processing & Point of Sale | 28 Apr 2021 | $80M | not disclosed | Tencent and European Bank for Reconstruction and Development |
| Payment Processing & Point of Sale | 8 Apr 2021 | $70M | not disclosed | Addition |
| SpotOn Payment Processing & Point of Sale | 26 May 2021 | $125M | $1.88B | Andreessen Horowitz |
| Payment Processing & Point of Sale | 31 Mar 2021 | $120M | not disclosed | JS Capital Management LLC and Soros Capital Management LLC |
| Airwallex Payment Processing & Point of Sale | 23 Mar 2021 | $100M | $2.60B | Greenoaks |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did CRED raise in its Series D round?
CRED raised $215M in its Series D round, announced in Apr 2021.
Who led CRED's Series D round?
Alpha Wave Global and Coatue led it, with Insight Partners, DST Global, RTP Global, Tiger Global and Greenoaks and 2 more.
What was CRED's valuation at the Series D round?
$2.20B post-money ($1.99B pre-money).
How does it compare with other Series D rounds in Payment Processing & Point of Sale?
20 Series D rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $169M, and this round was 1.3 times the median.
Did CRED raise again after this round?
Yes: a Series E round in Oct 2021 of $251M at $4.01B post-money.