CRED to acquire Happay
2021-12-02
Fintech unicorn Cred will acquire expense management start-up Happay at a valuation of $180 million in a cash and stock deal. The move will bring in synergies between Cred and Happay, the only unified platform for business expenses, payments, and travel bookings.
Happay will operate as a separate entity and its employees will work closely with Cred’s management to leverage its ecosystem, build distribution, expand the product offering and drive scale.
Kunal Shah, founder of Cred, said, “Happay’s product strength, customer experience, and vision align with our intent at CRED to reward responsible financial behaviour and we’re excited to partner them in their journey towards leading the category.”
Happay’s 230-member team will get all the benefits extended to Cred employees, including its ESOP program.
Some of the key customers of Happay include the Tata group, PwC, Maruti, OYO, Byju's, and Udaan, among others.
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