Meta today made a surprise announcement and announced an investment of around $900 million in India-based fintech company Cred. The company was founded by Kunal Shah in 2018, and focuses on a credit card bill payment platform as well as various other payment and financial services.
Through this investment, Meta will receive a stake of around 20% in Cred. And interestingly, through this investment, Meta also gained a new talent, namely Kunal Shah, who will now take over as the head of WhatsApp.
Mark Zuckerberg stated that with Kunal Shah's move to lead WhatsApp, it is expected to continue to make WhatsApp the best service for billions of users and millions of businesses. In line with Kunal Shah's expertise, we may see WhatsApp begin to expand their payment service integration more widely across the country, while at the same time strengthening their position in India.
