CRED founder Kunal Shah joins Pine Labs board ahead IPO

Leading merchant commerce platform Pine Labs said on August 10 that CRED Founder Kunal Shah has been appointed to its board as the company gears up for an IPO in the US.

Shah founded CRED in 2018. The company is a members-only credit card bill payment platform which rewards users for payments made through its app. Before CRED, he founded Freecharge in 2010 and served as CEO until it was acquired by Snapdeal for $450 million in 2015.

B. Amrish Rau, CEO, Pine Labs, said, "We are excited to welcome Kunal to our board. He joins a marquee set of investors, advisors, and other visionary board members who are all committed to take Pine Labs to newer heights. Kunal's deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth."

Apart from being close friends, Shah and Rau have been angel investors in multiple fintech startups, the most recent being ex-Paytm Money CEO Pravin Jadhav's Raise Financial. Rau was also an early investor in CRED back in 2019.