Meta Platforms has announced a major leadership change that will see Indian entrepreneur Kunal Shah take charge of WhatsApp, while the social media giant simultaneously invests $900 million (approximately Dh3.305 billion) in fintech startup CRED.
The deal gives Meta an estimated 20 per cent minority stake in CRED and values the Bengaluru-based company at approximately $4.5 billion on a post-money basis.
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As part of the agreement, Shah will step down as Chief Executive Officer of CRED and join Meta’s global leadership team. He will succeed Will Cathcart, who has led WhatsApp for nearly seven years and is transitioning to a new role focused on Meta’s artificial intelligence initiatives.
Cathcart announced the leadership change in a post on X, describing WhatsApp as being in its strongest position yet after years of expansion. During his tenure, the messaging platform scaled end-to-end encrypted communication to more than three billion users worldwide while introducing features such as companion device support, expanded group messaging capabilities, and new communication tools.
Some personal news. After nearly 7 years leading WhatsApp, I’m excited to share who will take over the responsibility of delivering simple, reliable, and private messaging for the world. WhatsApp is in the strongest position it’s ever been â and that felt like the right moment toâ¦
— Will Cathcart (@wcathcart) June 22, 2026
Praising his successor, Cathcart said Shah had built CRED into one of India’s most influential technology companies and expressed confidence in his ability to guide WhatsApp’s future.
Meta CEO Mark Zuckerberg, in a Facebook post, said “Will (Cathcart) is transitioning to a new role within Meta where he’ll build new products from the ground up. I’m excited to continue to work together closely.”
He added: “Kunal built CRED into one of India’s most important technology companies, and he brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app.”
In a social media post, Shah said, “While it’s come very far, the delta between WhatsApp today and its full potential is massive. I look forward to working with Mark, Chris, and the leadership across Meta for the next step in WhatsApp’s journey. Will, thank you for scaling something the world relies on quietly, and for making this transition smooth.”
Founded in 2018, CRED initially gained popularity by rewarding users for paying their credit card bills on time. Under Shah’s leadership, the company evolved into a broader financial services platform offering payments, lending, insurance, wealth management, and lifestyle-focused products.
Meta last month launched paid subscription plans for its flagship apps in a bid to diversify beyond its long-time reliance on advertising revenue. The company’s head of product Naomi Gleit announced the move in a video posted to Instagram, saying she was rolling out Facebook Plus, Instagram Plus and WhatsApp Plus globally, with more plans in the works for businesses, creators and artificial intelligence products.
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