CRED founder Kunal Shah on Monday announced that he is stepping down from his operational role as chief executive of the fintech company and will join Meta to lead WhatsApp globally, as the social media giant invests $900 million in the startup.

The announcement comes alongside Meta's investment of $900 million (around Rs 8,550 crore) in CRED as part of the company's Series H funding round. Under the deal, Meta will acquire an approximately 20% minority stake in the Bengaluru-based fintech firm.

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The investment values CRED at a post-money valuation of around $4.5 billion (Rs 43,239 crore). The funding includes a mix of primary and secondary share purchases.

From FreeCharge exit to building CRED

Reflecting on his journey, Shah traced the origins of CRED to the years following his exit from FreeCharge.

"It’s been a minute," Shah wrote in a post, recalling how he spent 2015-2018 learning, investing and pondering a simple question: "Why can't trust be rewarded?"

Using $1 million of his personal capital, Shah launched CRED to reward users for paying credit card bills on time.

Between 2019 and 2025, the company grew from zero to 17 million members, expanded into payments, lending, insurance, commerce, wealth management, and credit cards, and raised more than $900 million from global investors.

Shah said CRED also conducted four employee stock ownership plan (ESOP) buybacks and scaled annual revenue to approximately $325 million (around Rs 3,200 crore).

First profitable quarter

The entrepreneur highlighted 2026 as a milestone year for the company.

"First profitable quarter (yet occasionally asked what our business model is)," Shah wrote.

He also announced CRED's fifth ESOP buyback and said the company is now entering its next phase of growth.

"CRED is ready for its next phase. I am stepping back, and Miten Sampat steps in as interim CEO, partnered with an incredibly talented team. He has been heading strategy and finance and suffering me since 2020."

Shah said he would continue as a shareholder in the company. "My commitment doesn’t change. Just the role," he added.

Meta becomes a strategic investor

Meta confirmed that it will become a minority investor in CRED through the transaction but stressed that it will not gain access to customer information.

"Meta comes in as a minority investor in CRED. No access to member data," Shah said.

The company similarly clarified that despite becoming a strategic investor, it will not receive access to CRED's customer data.

New chapter at WhatsApp

Explaining his move, Shah said he sees significant untapped potential in WhatsApp despite its massive global scale.

"As for me, I’ll be joining Meta to lead WhatsApp globally," he wrote.

"While it’s come very far, the delta between WhatsApp today and its full potential is massive."

Shah said he looks forward to working with Meta chief executive Mark Zuckerberg, chief product officer Chris Cox and the broader leadership team.

He also thanked outgoing WhatsApp chief Will Cathcart, saying: "Will, thank you for scaling something the world relies on quietly, and for making this transition smooth."