Meta is investing $900 million for a minority stake in Indian fintech platform CRED, according to a statement released on Monday.
The investment will anchor CRED's Series H funding round, which gives the company a pre-money valuation of $4.03 billion and a post-money valuation of $4.5 billion.
CRED said Meta will be a minority shareholder and not gain access to customer data.
Upon completion of the funding round, CRED founder Kunal Shah will step down as chief executive officer and join Meta's global leadership team, while retaining his personal stake in the company.
Shah has also been appointed head of messaging platform WhatsApp, succeeding Will Cathcart, who announced the transition on social media platform X.
Miten Sampat, CRED's head of strategy and finance, has been named interim CEO with immediate effect.