Meta Taps Cred Founder Kunal Shah to Lead WhatsApp, Invests $900M
window 24h
IN SHORT
Meta is investing $900 million in Indian fintech startup Cred and appointing its founder, Kunal Shah, as the new global leader of WhatsApp. Shah's background in payments is expected to drive WhatsApp's monetization efforts. Meanwhile, Best Buy's Chief Financial Officer, Matt Bilunas, is stepping down from his role effective July 31, after a long tenure with the company.
✉Newsletter
PiQ Daily
Pick your topics. Get only what matters, on your cadence.
Key Numbers
$900 millionMeta investment in Cred
July 31Matt Bilunas's departure date
2006Year Matt Bilunas joined Best Buy
Who's Involved
Meta
technology company investing in fintech and appointing new WhatsApp leader
Kunal Shah
founder of Cred appointed as global leader of WhatsApp
WhatsApp
Meta's messaging platform receiving new global leadership
Cred
Indian fintech startup receiving investment from Meta
Matt Bilunas
Chief Financial Officer stepping down from Best Buy
Best Buy
electronics retailer where CFO is stepping down
1 / 2
Key facts
Meta is investing $900 million in Indian fintech startup Cred.
Kunal Shah is appointed as the new global leader of WhatsApp.
Kunal Shah is the founder of Cred.
Shah's payments background is seen as key to WhatsApp's monetization.
Matt Bilunas will step down as Chief Financial Officer of Best Buy.
Matt Bilunas's departure is effective July 31.
Matt Bilunas has been with Best Buy since 2006.
Bilunas held various financial leadership roles at Best Buy.
Meta is making a significant investment of $900 million in the Indian fintech startup Cred. Concurrently, Meta is appointing Cred's founder, Kunal Shah, to lead WhatsApp globally. Shah's expertise in the payments sector is considered crucial for unlocking WhatsApp's potential for monetization. This move signals Meta's strategic focus on leveraging WhatsApp's vast user base for financial services and commerce.
In a separate development, Best Buy has announced that its Chief Financial Officer, Matt Bilunas, will be stepping down. His departure is effective July 31. Bilunas has been a long-standing member of the electronics retailer's financial leadership team, having joined the company in 2006 and holding various financial roles throughout his tenure.
↳ Why This Matters
Meta is making a significant investment of $900 million in the Indian fintech startup Cred. Concurrently, Meta is appointing Cred's founder, Kunal Shah, to lead WhatsApp globally. Shah's expertise in the payments sector is considered crucial for unlocking WhatsApp's potential for monetization. This move signals Meta's strategic focus on leveraging WhatsApp's vast user base for financial services and commerce.
Frequently asked questions
Cred is an Indian fintech company founded in 2018 that rewards users for paying their credit card bills on time. It has expanded into lending, insurance, and wealth management services.
Meta is investing $900 million in Cred, acquiring approximately a 20% stake and valuing the company at $4.5 billion post-money.
Kunal Shah is the founder of Cred and will be the new global leader of WhatsApp.
Will Cathcart, the current head of WhatsApp, will move to a new role at Meta focused on developing consumer apps and products using AI tools.
What Happens Next
01Kunal Shah will relocate to Meta's Menlo Park headquarters.
02Miten Sampat will lead Cred as interim CEO while the board works on the structure for an eventual IPO.
03Meta will continue to develop new business lines and integrate AI agents into WhatsApp under Shah's leadership.
Get the newsletter.
Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.
