Cred to acquire corporate expense management platform Happay

Credit card payment platform Cred will acquire Happay, a corporate expense management platform, in a bid to bring in synergies between the two.

The majority of Cred’s members are professionals who use it to manage personal payments across multiple credit cards, and Happay, is a unified platform for business expenses, payments, and travel bookings.

The acquisition is likely to be a cash and stock deal, valuing Happay at US$ 180 million.

While Happay will operate as a separate entity after the acquisition, its team will work closely with Cred leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale.

Happay currently serves over 6,000 businesses and manages work-related expenses for over 1 million users globally with US$ 1 billion in annual spends. It’s software stack and in-house payment engine, along with its ease of use, will complement the card management experience that Cred offers to its members for personal expenses.

Kunal Shah, Founder of 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’ve 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.”

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