CRED has announced that it will acquire Happay, the company's spend management platform. The cash and stock deal is expected to be worth Happay at $180 million. The Happay team will work together with CRED leadership to leverage its ecosystem, expand its scale and product offering, and expand its scale and product offering. The 230 member team of Happay will also get all the benefits extended to the CRED team members, including its ESOP programme.
Kunal Shah, founder of CRED, said that CRED has grown rapidly over the past three years because of the pain of credit card management. Professional expense management is a natural extension of our proposition, with professional expenses forming a significant portion of credit card spends. The growth phase will come from building scale, brand and distribution, according to Happay co-founder and CEO Anshul Rai.
Happay, a business expense, payments and travel management platform, manages more than 1 million users worldwide, with $1 billion in annual spends. The company expects its in-house payment engine to complement CRED's card management experience for its users. The trend that Happay expects to explode in the paperless, contactless, is that it automates spend management workflow. It also ensures compliance and visibility with an end-to- end audit trail.
Happy has over 6,000 customers in India and handles over $1 billion in payment volumes and 3 million expense reports annually. TATA Group, PwC, Maruti, OYO, Byju's, Udaan are some of its key customers.
CRED rewards individuals for their timely credit card bill payments by giving them exclusive offers and access to premium experiences, which is a member-only club. It allows credit card users to manage multiple cards along with an analysis of their credit score.