Meta Bets $900 Million on Kunal Shah to Fix WhatsApp’s Money Problem

Meta has invested $900 million in fintech firm CRED and named founder Kunal Shah as WhatsApp’s global head, tasking him with turning the messaging giant’s massive reach into real revenue.

JULY 1 2026 | New Delhi

Meta has taken a bold step to address a long-standing weakness in its WhatsApp business by investing $900 million in Bengaluru-based fintech company CRED and installing its founder, Kunal Shah, as the messaging platform’s new global head. Shah takes over from Will Cathcart, who steered WhatsApp for more than seven years and will move into a separate product role within Meta.

The decision highlights a stark gap between WhatsApp’s scale and its earnings. Despite serving over 500 million users in India alone, WhatsApp Pay accounts for a negligible share of the country’s UPI payment ecosystem, trailing far behind established rivals. The investment values CRED at roughly $4.5 billion, with Meta acquiring close to a fifth of the company without a board seat or access to customer data. CRED’s outgoing chief, Miten Sampat, will step in as interim head while an eventual public listing remains on the table.

Industry observers note that Shah’s challenge extends beyond payments. WhatsApp currently earns through business messaging, advertising linked to Facebook and Instagram, merchant transactions, and subscription features, yet remains widely seen as underperforming relative to its global user base. Analysts caution that any aggressive push into commerce or advertising could risk undermining the simplicity and privacy that have made the app a daily habit for billions.

Meta has previously used a similar strategy of acquiring stakes in companies while bringing in their founders to lead new divisions. The move signals the company’s ambition to reshape WhatsApp into a broader platform encompassing payments, commerce, and AI-driven services, particularly in markets like India, Brazil, and Indonesia where the app is deeply embedded in everyday life. Whether Shah can convert that reach into sustainable revenue, without eroding user trust, is expected to define the next phase of WhatsApp’s evolution.

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