Fintech company CRED has announced that it will acquire corporate spend management platform Happay. The cash and stock deal is expected to value Happay at $180 million. While the teams will work separately, the Happay team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand its scale and product offering. Happay’s 230-member team will also get all the benefits extended to the CRED team members including its ESOP programme.
Kunal Shah, founder, CRED, said, “Turning the pain of credit card management into a delight has enabled CRED to grow rapidly over the past three years. 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.”
Happay co-founder and CEO Anshul Rai said that their next growth phase will come from building scale, brand and distribution.
Happay, a business expense, payments and travel management platform, manages over 1 million users globally with $1 billion in annual spends. The company expects its in-house payment engine to complement CRED’s card management experience for its users. Happay also automates spend management workflow, a trend they expect to explode in the contactless, paperless ecosystem. It also ensures compliance and visibility with an end-to-end audit trail.
In India, Happy has over 6,000 customers and processes over $1 billion in payment volumes and 3 million in expense reports annually. TATA Group, PwC, Maruti, OYO, Byju's, Udaan are some of its key customers.
CRED is a members-only club that rewards individuals for their timely credit card bill payments by providing them with exclusive offers and access to premium experiences. It also allows credit card users to manage multiple cards along with an analysis of their credit score.
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