Members-only rewards club CRED raises $120m
CRED, a members-only club that offers rewards for prompt credit card bill payers, has raised $120 million in funding, reports Jane Connolly.
Founder, Kunal Shah, announced on LinkedIn that the sum has been raised from the company’s investor partners.
Shah praises the club’s members and thanks them for their support for the platform, which allows credit card users to manage multiple cards along with an analysis of their credit score.
“Over the last nine months, our members have helped us shape CRED from a digital product to a community,” he says. “The love and support shown to us while we scaled has been nothing short of humbling and for this we are grateful.”
He adds: “We believe that funding is not a milestone but the fuel to carry us into our next phase of growth. We wish to make credit cards more accessible, feature rich and deliver more value to our members.”
Shah concludes that true success will be found in improvement in “quality of life and financial progress” for the CRED community.
CRED’s exclusive rewards for those who pay their credit card bills through the app include access to events, experiences, gift cards and upgrades from a variety of brands.