META HIRES CRED FOUNDER KUNAL SHAH TO LEAD WHATSAPP

Meta has appointed Kunal Shah, founder of Indian fintech company CRED, as the new leader of WhatsApp, replacing Will Cathcart after seven years in the role. Mark Zuckerberg, Meta's chief, announced the move on Facebook, stating he looked forward to working with Shah to advance WhatsApp as a service for billions of people and millions of businesses. Shah confirmed his appointment, saying he would lead WhatsApp globally and that the gap between WhatsApp's current state and its potential was substantial. Cathcart will transition to a different position within Meta.

The announcement follows Meta's $900 million investment in CRED at a valuation of $4.5 billion, one of the largest recent investments in India's financial technology sector. CRED, founded in 2018, operates as a members-only platform offering credit card payments, lending and insurance services, and the company states it serves 17 million members monthly and processes over 40 per cent of India's credit card bill payments. Shah stated that Meta's investment grants the tech giant a minority stake but no access to CRED customer data, and that he is stepping away from his operating role at CRED whilst continuing as a shareholder. CRED said it would use the new investment to accelerate growth and expand its product range.

WhatsApp is pursuing expansion beyond messaging into payments services, particularly in India, its largest market with over 500 million users. The messaging platform launched its payment service in India in 2020 but faces competition from local rivals including PhonePe and Google Pay. Shah said he looked forward to collaborating with Zuckerberg and Meta's leadership on WhatsApp's next phase. Cathcart acknowledged the transition in his own statement.