The company was previously valued at $4B in October 2021. Here are the top-line bullets you need to know.
CRED, a consumer credit company, has raised $140M in a Series F. The round drew participation from Alpha Wave Global, Tiger Global Management, Sofina, and GIC, among others.
HOW’S THE COMPANY PERFORMING?
- India-based CRED offers premium credit card rewards as well as buy now, pay later (BNPL) services to consumers.
- The platform’s user base grew to 7.5M in 2021.
- The company reportedly generated around $11M in revenue from operations in FY’21, up from nearly $67K in FY’20.
WHY DOES THE MARKET MATTER?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- Covid-19 has also accelerated the adoption of digital lending services across sectors.
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