Indian fintech entrepreneur Kunal Shah appointed WhatsApp CEO

Indian fintech entrepreneur Kunal Shah has been appointed as the Chief Executive Officer of WhatsApp, Meta's messaging platform.

Meta, the parent company of WhatsApp, Facebook and Instagram, made the formal announcement on Monday night, June 22, according to an AFP report on Tuesday, June 23.

Analysts said the appointment is part of Meta's efforts to monetise WhatsApp's vast user base by offering improved services.

In a statement, Meta said it would also invest $900 million in CRED, the consumer financial platform founded by Shah.

Mark Zuckerberg, CEO of Meta, said Kunal has built CRED into one of India's most important technology companies and that he has the kind of energetic mindset and global vision needed to lead the world's largest messaging app.

Shah, a well-known fintech entrepreneur in India, founded CRED in 2018. He previously sold a payment startup he had built to Snapdeal for approximately $400 million.

CRED started by rewarding customers for paying their credit card bills on time and has since expanded into wealth management, insurance and loan services, reaching 17 million users.

With WhatsApp's largest market in India having 500 million users, analysts believe Shah's experience will be key to making the platform profitable. WhatsApp has been expanding services for Indian businesses, including AI-powered customer support.