Will Cathcart, who has guided WhatsApp through seven years of massive growth, is stepping down to move into a new product-focused position within Meta. His tenure saw the integration of Communities and AI features, yet the platform faces a persistent challenge: converting its 500 million Indian users into a powerhouse for digital payments. While WhatsApp Pay holds a presence, it has struggled to gain the market dominance enjoyed by local competitors like PhonePe and Google Pay.
Meta is banking on Shah to bridge that gap. Mark Zuckerberg cited Shah’s "builder mentality" as the catalyst needed to expand the app’s utility into commerce and business communications. Shah, who founded CRED in 2018 and previously built the payment startup FreeCharge, brings an extensive track record in India’s financial sector to the role. Following his departure from day-to-day operations at CRED, Miten Sampat will step in as interim CEO while the company eyes a future public offering.
The $900 million financing round values CRED at approximately $4.5 billion. This marks a recovery from the startup's previous valuation of $3.6 billion in early 2025, though it remains below the $6.4 billion peak reached in 2022. The infusion of capital is expected to bolster CRED’s expansion into insurance, wealth management, and lending as the company stabilizes its leadership structure.
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