Cred Seeks $200 Million in Down Round at $4 Billion Valuation; Olam to Allocate $2 Billion for Debt Reduction

Cred, a credit card bill payments startup, is reportedly seeking to raise between $100 million and $200 million in a down round, with discussions indicating a new valuation of approximately $4 billion, down from its peak of $6.4 billion in 2022. The funding round is likely to be led by GIC, a Singaporean sovereign wealth fund. Meanwhile, Olam International has announced plans to allocate $2 billion from the sale of its Saudi joint venture to reduce its debt burden. In other financial news, BW LPG Limited has repurchased 316,437 of its own shares at an average price of $8.63 per share, as part of a share repurchase program that allows for up to 3 million shares to be repurchased for a maximum of $20 million.