Newtap Technologies Pvt. Ltd., a company formed personally by Shah,
recently acquired Parfait Finance & Investment, a non-bank lender. Credit has applied to the Reserve Bank of India for a payment aggregator license in line with the company’s strategy to enable ecommerce on its platform. separately, credit
is introduced Credit Mint will enable users to on-lend to other credit customers following a tie-up with Liquilons – an RBI-registered peer-to-peer non-banking lender.
Financial details of the proposed Cred-Happy deal were not disclosed, according to a statement released Wednesday, but the transaction estimates Happy’s valuation at around $180 million. company, established by Anshul Rai, will continue to operate independently but will work closely with Cred’s leadership to leverage its ecosystem, build distribution and expand product offerings. The Happy Team will receive all benefits offered to Cred employees, including its ESOPs program.
Happy, currently, serves more than 6,000 businesses, managing work-related expenses for more than one million users globally, with annual spending totaling approximately $1 billion. Its software stack and in-house payments will help Cred members manage business expenses on their Credit Card,
“With professional spending making up a significant portion of credit card spending, bringing professional expense management to the credit ecosystem is a natural extension of our proposition,” Shah said in the statement. “Happy’s product strength, customer experience and vision align with our intent to reward responsible financial behavior and we are excited to be their partner in their journey towards leading the category.”
The next phase of Happy’s growth will come from building scale, brand and distribution, Rai said. “The Cred team’s experience in this regard is unparalleled, and we are excited to learn and grow together.”
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