WhatsApp gets a new boss: Kunal Shah to lead platform as Meta bets $900 million on CRED

Kunal Shah, the founder of CRED, has announced his departure from his role as CEO of the fintech company to take on a new challenge at Meta, where he will lead WhatsApp worldwide. This strategic shift aligns with Meta's substantial investment of $900 million, roughly equivalent to Rs 8,550 crore, in CRED during its Series H funding round. As part of this deal, Meta will acquire a minority stake of around 20% in the Bengaluru-based fintech firm, which has been valued at approximately $4.5 billion (Rs 43,239 crore) post-funding. The capital infusion is a combination of primary and secondary share purchases, showcasing Meta's commitment to the startup ecosystem. Reflecting on his entrepreneurial journey, Shah shared that the idea for CRED emerged after his exit from FreeCharge, where he spent several years evaluating the concept of rewarding trust. With an initial investment of $1 million of his own funds, he launched CRED to incentivize timely credit card bill payments. Since its inception, the company has grown its user base to 17 million and has diversified into various sectors, including payments, lending, and wealth management, raising over $900 million from global investors. Shah highlighted that 2026 is a pivotal year for CRED, expecting it to achieve its first profitable quarter while simultaneously conducting its fifth employee stock ownership plan (ESOP) buyback. As he transitions out of his operational role, he emphasized that Miten Sampat will take over as interim CEO, working alongside a capable team that has been with Shah since 2020. Meta confirmed its investment in CRED but reassured that it would not gain access to user data, emphasizing privacy as a priority. Shah reiterated this, stating, "Meta comes in as a minority investor in CRED. No access to member data." In his new position at WhatsApp, Shah sees immense potential for growth, describing the gap between the messaging platform's current capabilities and what it could achieve as significant. He expressed enthusiasm about collaborating with Meta's leadership, including CEO Mark Zuckerberg and Chief Product Officer Chris Cox, while also thanking outgoing WhatsApp chief Will Cathcart for his contributions to the platform's growth.