Who Is CRED's New Interim CEO? Meet The Executive Taking Charge As Kunal Shah Joins WhatsApp
The transition comes alongside Meta’s $900 million investment in CRED. Both Shah and Sampat stressed that Meta will remain a passive financial investor and will not have access to customer data.
CRED has entered a new phase after founder Kunal Shah announced that he would step away from his operating role to join Meta and lead WhatsApp globally. The move also brings a leadership transition at the fintech company, with long-time executive Miten Sampat taking charge as interim CEO.
Shah said he would continue to remain a shareholder in CRED even after leaving day-to-day responsibilities. In a public post, he said his commitment to the company remained unchanged despite stepping away from the operating role.
The transition comes alongside Meta’s $900 million minority investment in CRED. Both Shah and Sampat stressed that Meta will remain a passive financial investor and will not have access to customer data.
Who Is Miten Sampat?
Miten Sampat has been associated with CRED since 2020 and has led the company's strategy and finance functions during a crucial period of growth. Shah described him as the executive who has been handling strategy and finance while also "suffering me since 2020."
His appointment places one of the company's longest-serving senior executives at the helm while CRED's board evaluates the company's future leadership structure. The company is also looking towards an eventual public listing.
Before joining CRED, Sampat worked across several leadership roles in technology, media and investment firms. According to his LinkedIn profile, he has also worked as an angel investor and adviser.
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A Career Across Technology And Strategy
Sampat previously served as business head at Times Internet's Times City business before being elevated to chief strategy officer in 2014. His experience spans both operational and strategic roles.
Between September 2011 and May 2013, he held the positions of vice president of product strategy and vice president of engineering at Neustar.
He also served as managing partner at Peercheque and was a board member at MC Player. According to PitchBook data, Sampat has invested in companies including Truva, GoCredit and FinRight.
Kunal Shah Steps Away From Operations
Announcing his decision, Shah said CRED was ready for its next phase and confirmed that Sampat would serve as interim CEO alongside the existing leadership team.
"I’m stepping away from the operating role and will continue as a shareholder. My commitment doesn’t change. Just the role," Shah said.
He also thanked the company's members, partners, regulators, investors and board members for supporting CRED's growth. Shah said he looked forward to working with Meta's leadership team as he prepares to lead WhatsApp globally.
Miten Sampat Reflects On CRED’s Growth Journey
In his own message, Sampat reflected on his six-year journey at CRED. He said he joined the company in 2020 because of its team and what he described as a contrarian idea.
According to Sampat, CRED had nearly one million members and processed around $750 million in total payment volume when he joined. He said the company now serves 17 million members and processes $100 billion in total payment volume.
He added that the company had always prioritised member trust and financial progress, describing those principles as CRED's "north star".
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Meta Investment And The Road Ahead
Sampat said Meta's $900 million minority investment would support CRED's ambition of building an enduring institution and help its plans for an eventual public listing.
He reiterated that Meta would act as a passive investor and would not receive access to customer information.
In a message addressed to Shah, Sampat thanked the founder for consistently raising expectations and said he was proud to help lead the next phase of CRED alongside the company's team.
As CRED enters a new chapter, attention is now shifting towards Sampat, the executive who spent years working behind the scenes and is now taking charge during one of the most significant transitions in the fintech firm's history.
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