Meta takes a bite of Cred, Shah to steer WhatsApp

$900 mn investment for 20% stake; Shah to quit as CEO of Cred for global role.

- Salman S.H.

Social media giant Meta Platforms Inc. has named fintech entrepreneur Kunal Shah as the new global head of WhatsApp, pulling off an unusual executive crossover as part of a $900 million investment in his financial services startup Cred.

Shah, who has previously founded and sold FreeCharge and backed a range of Indian startups, will replace Will Cathcart, who has led WhatsApp since 2019. Cathcart will move to a new role at Meta, focused on building products from scratch.

“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,” Meta founder and chief executive officer (CEO) Mark Zuckerberg said.

Meta's chief product officer Chris Cox hailed Shah as one of India’s most respected entrepreneurs, adding, "we are fortunate to have him guide WhatsApp through this next era.” Meta said Cox sought out Shah as it wanted a leader who understood WhatsApp’s global product opportunity.

The appointment puts an Indian founder at the helm of WhatsApp, which has 3.3 billion monthly active users worldwide. Shah's role at helm of WhatsApp comes at a time when the messaging app is looking to deepen its role in business messaging and payments, particularly in India, its largest market.