CRED, a credit card bill payment app, has raised $80 million in a Series C funding round.

The funding round was led by DST Global, along with Ribbit Capital, Sequoia Capital, and Tiger Global, valuing the startup at $800 million.

The news was first reported by TechCrunch, citing a source familiar with the matter. 

Founded in 2018 by Kunal Shah, CRED aims to make paying credit card bills simpler and reward you for paying them on time in the form of CRED coins which can be redeemed for various products in its online store.

The startup is Kunal’s second venture after Freecharge, a coupon-powered mobile recharge app, which eCommerce platform Snapdeal bought for $450 million in 2015.

CRED has partnered with brands such as BookMyShow, CureFit, FreshMenu, Urban Ladder, Airbnb, and Ixigo, among others, for rewards, experiences, and upgrades.

The platform has over three million users, and also offers flexible, low-interest, instant loans via its CRED Stash product. The startup also allows its members to pay their monthly rents on credit as part of its CRED RentPay service. 

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