CRED founder Kunal Shah steps down to become the global CEO of WhatsApp as Meta invests $900 million in the Indian fintech company.
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CRED founder Kunal Shah to join as WhatsApp’s next global CEO
New Delhi: In a historic development, Meta CEO Mark Zuckerberg announced Monday that CRED founder Kunal Shah will take over as the next global CEO of WhatsApp. Alongside this leadership transition, Meta is investing approximately $900 million (nearly Rs 8,550 crore) into the Indian fintech company as a minority investor. Shah confirmed that Meta will have no access to CRED member data during this partnership. While taking on his new global role at Meta, Shah urged his existing team to remain a 10x version of themselves.
Meta’s deepening focus on integrating financial technology
This high-profile appointment highlights Meta’s deepening focus on integrating financial technology services with its global messaging platform, particularly within emerging markets. By bringing Shah’s fintech expertise into WhatsApp’s ecosystem, Meta likely aims to accelerate its business messaging, payments, and peer-to-peer commerce strategies worldwide.
What Meta CEO Mark Zuckerberg said on CRED founder Kunal Shah joining Meta?
“I look forward to working with Mark, Chris, and the leadership across Meta for the next step in WhatsApp’s journey. Will, thank you for scaling something the world relies on quietly, and for making this transition smooth,” he said in a statement. CRED will now be led by Miten Sampat as the interim CEO, Shah shared in a post on X.
“Kunal Shah will join Meta as WhatsApp’s next leader. Kunal built CRED into one of India’s most important technology companies, and he brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app,” said Zuckerberg.
Notably, Kunal takes over from WhatApp’s current head, Will Cathcart, who will be stepping down after seven years in the role.
Shah said in a post on X, “I started Cred in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, Rs 3,200 crore ($325 million) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I’m stepping back with gratitude and with conviction that the team will keep raising the bar.”
(With inputs from agencies)
