Kunal Shah Steps Down as CRED CEO, Joins Meta to Lead WhatsApp Globally

Fintech platform CRED has announced a major leadership transition, with founder and CEO Kunal Shah stepping down from his operational role at the company to join Meta as the leader of WhatsApp globally. Shah will continue to remain associated with CRED as a shareholder, while Miten Sampat, who has been leading strategy and finance at the company since 2020, has been appointed as Interim CEO.

The leadership change comes alongside CRED’s announcement of a Rs 8,550 crore (approximately $900 million) Series H funding round led by Meta. The investment, structured through a combination of primary and secondary share purchases, values CRED at around $4.5 billion. Following the transaction, Meta will become a minority investor in the company.

CRED clarified that Meta will not receive access to customer data or member information as part of the investment.

Sharing the update on LinkedIn, Kunal Shah said that he would continue expecting the CRED team to push boundaries while taking on his new role at Meta.

“Team CRED, I’ll still expect you to be a 10x version of yourselves. As for me, I’ll be joining Meta to lead WhatsApp globally. While it’s come very far, the delta between WhatsApp today and its full potential is massive,” Shah wrote. 

Meta CEO Mark Zuckerberg also confirmed Shah’s appointment, describing him as a builder with a global perspective. 

“Kunal Shah will join Meta as WhatsApp’s next leader. Kunal built CRED into one of India’s most important technology companies, and he brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app. I look forward to working with Kunal to continue to make WhatsApp the best service for billions of people and millions of businesses,” Zuckerberg wrote in a Facebook post. 

Reflecting on CRED’s journey, Shah said the company has evolved from a vision of rewarding creditworthiness into a broader financial services platform.

“I started CRED in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, (about) Rs 3,200 crore in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I’m stepping back with gratitude and with conviction that the team will keep raising the bar,” Shah wrote. 

Founded in 2018 by Kunal Shah, CRED rewards users for timely credit card bill payments while offering financial services across payments, lending, insurance, wealth management, commerce, and credit products.

Over the years, the company has scaled its user base to around 17 million members and raised more than $900 million from global investors. CRED has also completed multiple employee stock ownership plan (ESOP) buybacks, secured regulatory licences, and expanded into several financial services categories.

The company currently claims to process more than 40% of India’s credit card bill payments, with its lending business reaching around Rs 24,000 crore in assets under management.