Key facts
- Meta is investing $900 million in Indian fintech firm Cred.
- Meta will acquire a 20% stake in Cred.
- Kunal Shah will become the new global leader of WhatsApp.
- Kunal Shah is the founder of Cred.
- Will Cathcart is moving to a new role focused on AI.
- Will Cathcart is the current head of WhatsApp.
Meta has announced a significant investment of $900 million into the Indian fintech company Cred. This investment will result in Meta acquiring a 20% ownership stake in Cred. Concurrently with this financial transaction, Kunal Shah, the founder of Cred, is set to assume the role of the new global leader for WhatsApp. This move signifies a major leadership change within Meta's messaging division. Will Cathcart, who has been leading WhatsApp, will be moving to a different role within Meta. His new focus will be on artificial intelligence, indicating Meta's strategic shift towards AI development across its platforms. The specifics of Cathcart's new role and the exact nature of his AI responsibilities have not yet been detailed, but the transition highlights the company's priorities.