Meta's $900 Million Investment in Cred: Kunal Shah Takes the Helm at WhatsApp

Meta's Strategic Move in Fintech

Meta has announced a substantial investment of nearly $900 million (approximately Rs 8,550 crore) in the fintech company Cred. As part of this deal, Kunal Shah, the founder of Cred, will assume the role of global CEO at WhatsApp. This funding round, which includes both primary and secondary share acquisitions, values Cred at around Rs 43,239 crore, or about $4.5 billion, after the investment.

Shah will transition from his position as chief executive to join Meta’s global leadership team while maintaining his personal stake in Cred. Miten Sampat, who has been with Cred since 2020 overseeing strategy and finance, will serve as the interim CEO.

Chris Cox, Meta's Chief Product Officer, shared the news on social media, stating, "After seven years at the helm of WhatsApp, Will has decided to step back and pass leadership to a new figure. He will remain with Meta, and further details will be shared post-transition." He expressed enthusiasm about welcoming Kunal Shah as the new leader of WhatsApp, emphasizing the need for someone who understands the vast potential of the platform and can navigate the evolving landscape shaped by AI.

Cred, established in 2018, initially focused on credit card bill payments but has since diversified into lending, insurance, and wealth management services. The company boasts 17 million monthly users and handles over 40% of credit card bill payments in India.