Credit card bill payment platform CRED has raised $80 million in series C round of funding. This round was led by existing investors DST Global and saw participation from Ribbit Capital, Sequoia Capital and Tiger Global that are also existing investors.

CRED which was valued at $450 million after $120 million capital raise last year has now witnessed an almost doubling of post money valuation, reaching to $800 million.

Founded in 2018, CRED is a members only platform that rewards users for paying their credit card bills. Aimed at improving money habits of millennials, the company provides

users with premium rewards and experiences from leading brands that can be unlocked only after making a credit card payment. The CRED platform requires users to have a credit score of over 750 to be able to sign up.

Headquartered in Bangalore, CRED was founded by Kunal Shah, a serial entrepreneur. An MBA dropout from Narsee Monjee Institute of Business Management, Kunal had first founded PaisaBack, a cashback and promotional discount campaign platform for retailers. He then went on to found FreeCharge in 2010; the company was subsequently acquired by Snapdeal in 2015 and later by Axis Bank in 2017.

“High-trust communities result in high-performance societies because the reduced risk allows institutions to offer a wide range of products and services with less friction and greater convenience. That’s why CRED is able to offer powerful and customized products in partnership with several institutions for our creditworthy members,” said Kunal in a previous company statement.

In April CRED had introduced two new products aimed at increasing financial confidence for creditworthy individuals. The first is CRED RentPay that allows members to pay their monthly rent payments on credit. The second product is CRED Stash, a flexible, low-interest and instant credit line which was launched with IDFC FIRST Bank.