Meta invests $900M into Indian fintech Cred for a ~20% stake, and plans to appoint Cred founder Kunal Shah as the leader of WhatsApp, replacing Will Cathcart
Meta Platforms Inc. is investing $900 million into Indian fintech startup Cred, with plans to appoint its founder, Kunal Shah, the new leader of WhatsApp.
Lead Source
More
Discussion
TechSnif Coverage
Meta Drops $900M on Indian Fintech Cred, Taps Its Founder to Run WhatsApp
Meta is betting big on India's fintech scene with a $900M Cred investment and a major WhatsApp leadership shakeup.
Meta just wrote a $900 million check to Cred, the Indian fintech startup, and the deal comes with a massive personnel twist. Cred founder Kunal Shah is being installed as the new head of WhatsApp, replacing longtime leader Will Cathcart.
It's a bold move on multiple fronts. The investment marks one of Meta's largest single bets on a fintech company — and specifically on India, where WhatsApp already dominates as a messaging platform with hundreds of millions of users.
Bringing Shah in to lead WhatsApp signals Meta's intent to push harder into payments and financial services through its most popular messaging app. Shah built Cred into one of India's most prominent fintech brands, focused on credit card payments and financial products.
Cathcart's departure ends a long run atop WhatsApp. No word yet on his next move.