Meta Platforms will invest $900 million in Indian fintech startup CRED and appoint founder Kunal Shah as the new global head of WhatsApp, marking one of the company’s largest investments in India’s financial technology sector.
The investment values Bengaluru-based CRED at approximately $4.5 billion and gives Meta a minority stake in the company. CRED said the transaction will not provide Meta access to customer data.
The leadership transition will see Shah move from CRED to Meta, where he will take charge of WhatsApp globally. He succeeds Will Cathcart, who is set to move into a new role within Meta after leading the messaging platform for seven years.
Founded in 2018, CRED operates a members-only financial services platform focused on consumers with high credit scores. The company offers products across payments, lending, insurance, wealth management and related services.
CRED said the fresh capital will be used to support growth initiatives, strengthen leadership and institutional capabilities, and expand its product offerings. The company has appointed Miten Sampat, who has overseen strategy and finance since 2020, as interim chief executive officer.
The deal underscores Meta’s continued focus on India, WhatsApp’s largest market, where the company has been expanding beyond messaging into payments and business services. The investment also deepens Meta’s presence in India’s digital economy through a partnership with one of the country’s most prominent fintech firms.
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