Indian fintech company Cred has bought micro-investing app Spenny. The transaction, the amount of which was not disclosed, became an exit for the Cabra VC venture fund, its general partner Alexei Aleksanov said.
Indian fintech company Cred has bought fintech startup Spenny. This was announced by the general partner of Cabra VC Alexey Aleksanov, the article was published by YourStory. The amount of the settlement was not disclosed.
The deal was an exit for the Cabra VC venture fund. Aleksanov clarified that this is his first investment outing in India. He did not name the size of the investments in Spenny, but the startup, according to Crunchbase, closed three rounds of investments totaling $150,000.
According to the latest data, Cred is valued at $6.4 billion. DST Global, Sequoia Capital, Tiger Global Management and others have invested in the company.
Spenny offers micro-investment services in India. Bank customer transactions are rounded up and balances are sent to mutual funds for investment. The startup passed the Y Combinator accelerator.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
