MUMBAI: Meta has tapped Indian fintech founder Kunal Shah to be the new head of WhatsApp, as the United States tech giant seeks ways to monetise the messaging app’s massive user base.
The announcement, made on Monday (Jun 22) night, was accompanied by news that Meta would also lead a US$900 million funding round in Shah’s consumer finance firm Cred.
“Kunal built Cred into one of India’s most important technology companies,” Meta chief Mark Zuckerberg said in a statement.
“He brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app.”
Outgoing WhatsApp head Will Cathcart said he was leaving the app “in the strongest position it’s ever been”, citing the company’s decision to scale end-to-end encrypted messaging to “more than three billion people” as a key achievement.
Shah, a serial entrepreneur and influential figure in India’s fintech world, started Cred in 2018 after selling an earlier payments startup to Indian e-commerce giant Snapdeal for roughly US$400 million.
He is also one of India’s most prolific angel investors, according to data tracker Tracxn, with the local financial press often reporting how Shah agrees to seed funding pitches within minutes of hearing them.
But over the past few years, Shah has focused on building Cred – which got its start by offering rewards to customers for timely credit card payments.
Since then, the company has aggressively expanded into offering wealth management, insurance and lending services to its 17 million users.
This experience is likely to help WhatsApp as it seeks new revenue streams that go beyond the core advertising business of Meta, which also runs Facebook and Instagram.
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