- Meta is investing £665 million ($900 million) in Indian fintech company CRED.
- CRED founder Kunal Shah will step down as CEO to lead WhatsApp globally.
- The investment values CRED at around £3.3 billion ($4.5 billion)
Meta has struck a twin deal that reshapes both its leadership team and its presence in India's fintech sector, investing £665 million ($900 million) in CRED while appointing the company's founder, Kunal Shah, as the new global head of WhatsApp.
The move gives Meta a minority stake of about 20 per cent in the Bengaluru-based fintech firm and values CRED at roughly £3.3 billion ($4.5 billion) after the investment. At the same time, Shah will step down as CRED's chief executive and join Meta's leadership team, taking charge of WhatsApp as the messaging platform looks to expand beyond its traditional role.
The appointment places an Indian entrepreneur at the helm of one of the world's most widely used technology products. WhatsApp now serves more than three billion users globally and has become a key part of Meta's strategy across messaging, payments, business services and artificial intelligence.
From fintech founder to WhatsApp chief
Shah will succeed Will Cathcart, who has led WhatsApp for nearly seven years. During that period, the platform expanded its encrypted messaging network, introduced multi-device access and rolled out a range of business and group communication features.
Cathcart is expected to move into a new role within Meta focused on developing artificial intelligence products.
Announcing the transition, Cathcart reportedly said WhatsApp was in its strongest position yet and described Shah as a leader who had built one of India's most influential technology companies.
Meta chief executive Mark Zuckerberg also backed the appointment, reportedly saying Shah's experience as a builder and entrepreneur would help shape the next phase of WhatsApp's growth.
In a social media post, Shah said the gap between WhatsApp's current position and its future potential remained significant. He added that he looked forward to working with Meta's leadership team as the platform enters its next chapter.
Why Meta is backing CRED
Founded in 2018, CRED initially built its reputation by rewarding users for paying credit card bills on time. It has since expanded into lending, insurance, wealth management, payments and other financial services.
The company says it has around 17 million monthly active users and processes more than 40 per cent of India's credit card bill payments. Its lending division manages assets worth approximately £2.1 billion (₹24,000 crore).
Following Shah's departure, CRED's strategy and finance chief Miten Sampat has been appointed interim chief executive.
The company said the new funding would be used to accelerate growth, strengthen operations and expand into new business areas. It also stressed that Meta's investment would not provide access to customer data.
For Meta, the investment appears to deepen its links with India's fast-growing digital economy at a time when it is also looking for new revenue streams beyond advertising. The company recently launched subscription products across Facebook, Instagram and WhatsApp as it seeks to diversify its business model.
The combination of a major fintech investment and a high-profile leadership appointment suggests Meta sees India as playing an increasingly important role in its future plans, both as a market and as a source of executive talent.
