Cred eyes acquisition of Happay at $180 million Valuation
- ByTejika Bajaj | December 2, 2021
Fintech app Cred has recently announced the acquisition of corporate expense management firm Happay in a cash-and-stock deal thus adding a new dimension to their product offering. While the financial details of the deal remain undisclosed by the company officials, the acquisition has resulted in a spike in the valuation of Happay taking it to $180 million.
Despite the acquisition, Happay will continue to operate independently but work closely with Cred’s leadership to leverage its ecosystem, build distribution and expand product offerings. The fintech company’s team of 230 will get all the benefits extended to the Cred employees inclusive of its ESOP programme.
Happay’s software stack and in-house payments will help Cred members manage professional expenses on their credit cards. Talking more about the benefit that Cred would derive out of this acquisition, the co-founder and CEO of the same, Kunal Shah said, “With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the Cred ecosystem is a natural extension of our proposition.”
Founded in 2012 by Anshul Rai and Varun Rathi, Happay is a fintech app which allows corporate employees to record their expenses on a rolling basis, thus simplifying business expense management. Currently, Happay serves more than 6,000 businesses, managing work-related expenses for over 1 million users globally with about $1 billion in annual spends.
Expressing their delight over the new acquisition, the co-founder of Happay, Anshul Rai said, “The next phase of Happay’s growth will come from building scale, brand and distribution. The Cred team’s experience in this regard is unparalleled, and we’re excited to learn and grow together.”
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