Meta has poured $900 million into the financial technology company Cred and tapped its founder, Kunal Shah, to take the helm at WhatsApp. The moves, announced Tuesday, signal a deeper push into payments and messaging in India, one of Meta's biggest markets.
A $900 million bet on Cred
Cred, a platform that rewards users for paying credit card bills on time, has been operating in India since 2018. Meta's investment gives the social media giant a significant stake in the company, though the exact ownership percentage wasn't disclosed. The deal values Cred at roughly $6.5 billion, according to people familiar with the matter.
For Meta, the investment is about more than just financial returns. Cred's user base overlaps heavily with WhatsApp's Indian audience — millions of middle-class urbanites who regularly use digital payments. Meta already runs a payments service on WhatsApp in India, called WhatsApp Pay, but it has struggled to gain traction against rivals like Google Pay and PhonePe. Tying Cred's rewards engine into WhatsApp could change that.
Kunal Shah's new role at WhatsApp
Shah won't just stay at Cred. Meta also named him the new head of WhatsApp, effective immediately. He will oversee product strategy, engineering, and business development for the messaging platform globally, reporting directly to Meta CEO Mark Zuckerberg.
Shah is a well-known figure in India's startup scene. Before founding Cred, he launched the coupon platform Freecharge, which was acquired by Snapdeal in 2015. His appointment suggests Meta wants a leader with deep local fintech experience to steer WhatsApp's next chapter — especially as the app looks to monetize its massive user base through commerce and payments.
The move is unusual because Shah will continue as CEO of Cred while running WhatsApp. Meta said the two roles are complementary, with Cred and WhatsApp expected to collaborate on payment features.
What the deal means for WhatsApp's payments push
WhatsApp has more than 500 million users in India, but its payments service has been stuck in regulatory limbo for years. The National Payments Corporation of India (NPCI) only allowed a phased rollout, capping WhatsApp Pay at 100 million users. That cap still stands.
By investing in Cred, Meta may be trying to bypass some of those restrictions. Cred doesn't process payments itself; it partners with banks and payment gateways. Integrating Cred's loyalty rewards into WhatsApp could make sending money on the app more attractive, without directly challenging NPCI's rules.
Meta is also expected to use Cred's user data — with permission — to offer personalized credit products within WhatsApp. That would put it in direct competition with traditional lenders and other fintech apps.
Shah's first task will be to finalize a roadmap for WhatsApp's payment features, a person familiar with the matter said. The integration with Cred is expected to roll out in phases, starting later this year.
