Express Computer
Home  »  News  »  CRED to acquire Happay

CRED to acquire Happay

0 84

As remote and flexible work blurs boundaries between professional and personal work, the expense management burden has increased significantly for both employers and employees. CRED, a high-trust platform for creditworthy individuals, banks, and merchants, and Happay, the market leader in corporate expense management in India, have agreed on terms for an acquisition of Happay by CRED.

The move will bring in synergies between CRED, the majority of whose members are professionals who use it to manage personal payments across multiple credit cards, and Happay, the only unified platform for business expenses, payments, and travel bookings.

The acquisition is expected to be a cash and stock deal potentially valuing Happay at US$ 180 million. While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale. Happay’s 230-member team will get all the benefits extended to CRED team members, including its ESOP program.

Happay is a business expense, payments and travel management platform serving over 6,000 businesses. It manages work-related expenses for over 1 million users globally with US$ one billion in annual spends, and is the leader in its category. Happay’s software stack and in-house payment engine along with its ease of use will complement the card management experience that CRED members enjoy for their personal expenses. It is the only unified platform that automates the spend management workflow, a trend that is set to explode in a contactless, paperless world, while ensuring compliance and visibility with an end-to-end audit trail.

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’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.”

Anshul Rai, Co-Founder and CEO, Happay said, “We have invested in building a category-defining product at Happay with thousands of customers who love the experience. The next phase of our growth will come from building scale, brand, and distribution. The CRED team’s experience in this regard is unparalleled, and we’re excited to learn and grow together.”

Advertisement

Leave A Reply

Your email address will not be published.

India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image