Members-only credit card management and bill payments platform CRED on Wednesday announced that it is acquiring corporate expense management company Happay.
The acquisition is expected to be a cash and stock deal potentially valuing Happay at $180 million.
“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,” Kunal Shah, founder, CRED, said in a statement.
“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,” Shah added.
While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale.
“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 are excited to learn and grow together,” said Anshul Rai, co-founder and CEO, Happay.
Happay’s 230-member team will get all the benefits extended to CRED team members, including its ESOP program.
Happay is a business expense, payments and travel management platform serving over 6,000 businesses. It manages work-related expenses for over 1 million users globally with $1 billion in annual spends and is the leader in its category.
Happay’s software stack and in-house payment engine along with its ease of use will complement the card management experience that CRED members enjoy for their personal expenses.