Funding round
CRED Series E
CRED, which works in credit card payment rewards services in Mumbai, raised $251M in a Series E round announced on 18 Oct 2021, led by Tiger Global and Alpha Wave Global, at a $4.01B post-money valuation. 10 firms took part, 8 of them already investors. It is CRED's fourth venture round on record; the one before was a Series D in Apr 2021.
$251M
Amount raised
$4.01B
Post-money valuation
$3.76B pre-money
10
Investors
2 leads
1.8x
Step-up from the Series D
$2.20B in Apr 2021
6.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced CRED at $4.01B after the new money, 1.8 times the $2.20B of its Series D (Apr 2021). The $251M bought investors about 6.3% of the company. It came 6 months after CRED's Series D. It is 14% of the $1.78B CRED has raised in the venture rounds on record. CRED raised again 8 months later: a Series F round of $140M in Jun 2022, at $6.40B 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 6 Apr 2021, led by Alpha Wave Global and Coatue $215M$2.20B post-money
- Series E this round 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
Tiger Global and Alpha Wave Global led the round with 8 other firms. Tiger Global, Alpha Wave Global, DST Global and Insight Partners and 4 more had backed CRED before.
Lead investors
- Tiger Global backs 391 venture-backed companies existing investor
- Alpha Wave Global backs 78 venture-backed companies existing investor
Also in the round
- Marshall Wace new investor
- Steadfast Venture Capital new investor
- DST Global backs 179 venture-backed companies existing investor
- Insight Partners backs 548 venture-backed companies existing investor
- Coatue backs 229 venture-backed companies existing investor
- Sofina backs 45 venture-backed companies existing investor
- backs 99 venture-backed companies existing investor
- Dragoneer Investment Group backs 82 venture-backed companies existing 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
8 Series E rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $250M, and this round was close to the median. The closest in time, other companies' Series E rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| SpotOn Payment Processing & Point of Sale | 13 Sep 2021 | $300M | $3.15B | Andreessen Horowitz |
| BharatPe Payment Processing & Point of Sale | 4 Aug 2021 | $370M | $2.85B | Tiger Global |
| Rapyd Payment Processing & Point of Sale | 3 Aug 2021 | $300M | $8.75B | Target Global |
| Payment Processing & Point of Sale | 21 Dec 2021 | $200M | $2.00B | Mizuho |
| Bolt Payment Processing & Point of Sale | 14 Jan 2022 | $355M | $11.00B | BlackRock |
| Razorpay Payment Processing & Point of Sale | 19 Apr 2021 | $160M | $3.00B | Sequoia Capital and GIC |
| Tipalti Payment Processing & Point of Sale | 6 Oct 2020 | $150M | $2.00B | Durable Capital Partners |
| Airwallex Payment Processing & Point of Sale | 10 Oct 2022 | $100M | $5.50B | not named |
Sources
Where this comes from
Reported by 4 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did CRED raise in its Series E round?
CRED raised $251M in its Series E round, announced in Oct 2021.
Who led CRED's Series E round?
Tiger Global and Alpha Wave Global led it, with Marshall Wace, Steadfast Venture Capital, DST Global, Insight Partners and Coatue and 3 more.
What was CRED's valuation at the Series E round?
$4.01B post-money ($3.76B pre-money).
How does it compare with other Series E rounds in Payment Processing & Point of Sale?
8 Series E rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $250M, and this round was close to the median.
Did CRED raise again after this round?
Yes: a Series F round in Jun 2022 of $140M at $6.40B post-money.