Credit card bill payment platform CRED has raised $81 million in Series C round of funding. The round was led by existing investors DST Global along with Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst. Additionally, Sofina, Coatue and Satyan Gajwani of Times Internet also participated in this round of funding that has brought Cred’s valuation up to $806 million.

The investment comes at the heels of Cred’s last round of funding where it raised $80 million in series C round of funding led by existing investors DST Global, Ribbit Capital, Sequoia Capital and Tiger Global. So far the fintech startup has raised a total of $228 in four rounds of funding.

With the funding round coming to fruision, Cred has also launched an ESOP (employee stock ownership plan) buyback scheme for existing and former employees of the firm. The ESOP pool which is worth INR 9 crore and is Cred’s first ESOP liquidity program.

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 firm had recently forayed into the D2C segment with its marketplace.

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.

“The funds raised will be used to create additional value for our members through products, services and experiences that enable them to lead a good life. These offerings will be introduced in partnership with merchants and institutions that are part of Cred," said Kunal Shah, Founder, Cred.