New Delhi, June 22 -- Cred founder Kunal Shah has stepped down as CEO of the fintech startup to take over as the global head of WhatsApp, marking a major leadership transition for the company as it also secures a Rs.8,550 crore (approximately $900 million) investment from Meta.

The deal deepens Meta's presence in India's fintech sector while opening a new chapter for Cred without its founder at the helm.

With fresh funding, a new interim CEO and plans to eventually go public, the startup best known for rewarding users for paying their credit card bills on time must now prove it can continue to growth without its founder in charge.

Meta's investment in Cred is structured through a combination of primary capital and secondary share purch...