Will Cathcart, who led WhatsApp for the past seven years, is stepping down from his role as Meta appoints a new leader. On Monday, Meta CEO Mark Zuckerberg announced on Facebook that Kunal Shah, the founder of an Indian fintech startup called Cred, is taking over as the head of WhatsApp.
Cred is an app that allows people to manage their bills and receive rewards for making payments through the platform. As part of Shah’s appointment, Meta is investing $900 million into Cred, giving it a 20 percent stake in the startup, Bloomberg reports.
Meanwhile, Shah will step down from his role as the CEO of Cred to lead WhatsApp. “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,” Zuckerberg writes.