Meta has hired Kunal Shah, founder of Indian fintech firm CRED, to lead WhatsApp in a surprise move after investing $900m in his start-up.
Current WhatsApp head Will Cathcart will move to a new role within Meta after leading the messaging service for seven years, the American tech giant’s chief, Mark Zuckerberg, said on Facebook. “I look forward to working with Kunal to continue to make WhatsApp the best service for billions of people and millions of businesses.”
Mr Shah confirmed he was taking over leadership of WhatsApp. “I’ll be joining Meta to lead WhatsApp globally,” he said.
“While it’s come very far, the delta between WhatsApp today and its full potential is massive.”
CRED, founded in 2018, is a members-only platform for credit card payments, lending and insurance for consumers with high credit scores. The company claims it caters to 17 million members each month and processes over 40 per cent of India’s credit card bill payments.
Meta’s $900m investment in CRED, at a valuation of $4.5bn, is one of the largest in India’s financial technology sector in recent years.
The deal gives Meta a minority stake in the start-up but, Mr Shah claims, doesn’t allow it access to CRED customer data.
“Meta comes in as a minority investor in CRED. No access to member data,” he claimed on X. “I am stepping away from the operating role and will continue as a shareholder. My commitment doesn’t change. Just the role.”
CRED said it planned to use the new investment to accelerate growth and expand across product categories.
WhatsApp, meanwhile, is seeking to expand beyond messaging and into payments in India, its biggest market with over 500 million users.
