Cred buys expense management company Happy

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Cred, a credit card bill payment platform, will buy Happay in a cash and stock transaction, the company said in a statement on Wednesday, valuing the expense management company at around $ 180 million. of dollars.

After the acquisition, Happay will operate as a separate entity, and Cred’s management team will work closely with them to leverage Cred’s ecosystem, expand product offerings and scale up operations, the company said. . Cred also said that all 230 Happay employees will be eligible for the benefits granted to Cred employees, including its ESOP (employee share ownership plan) program.

The acquisition of Happay will bring synergies between the credit card bill payment platform offered by Cred and the Happay platform that offers business expenses, travel bookings and payments, the company said.

“The strength of the product, the customer experience and the vision of Happy align with our intention at Cred to reward responsible financial behavior and we are delighted to accompany them on their journey to category leadership,” said Kunal. Shah, founder of Cred.

Happay, an expense, payment and business travel management platform, claims to serve more than 6,000 businesses. The company claims to manage the work-related expenses of over a million users worldwide, who spend nearly $ 1 billion annually. Happay also claims to be the only unified platform that automates the expense management workflow and leverages contactless and paperless methods that it predicts people will follow in the post-pandemic world.

“The next phase of our growth will come from scale, brand and distribution development. The experience of the CRED team in this regard is unparalleled, and we are excited to learn and grow together, ”said Anshul Rai, Co-Founder, CEO of Happay.

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