Meta taps fintech founder Kunal Shah to lead WhatsApp
Dilara İrem Sancar | Anatolia | Getty Images
MetaWhatsApp’s longtime leader will step down and be replaced by the founder of Indian fintech startup Cred, the company announced on Monday.
Meta CEO Mark Zuckerberg wrote that Will Cathcart, who has been at the head of the WhatsApp messaging service for more than seven years, is moving to another role at Meta, where he will “create new products from scratch.” a Facebook post.
“I’m excited to continue working together,” Zuckerberg said.
A Meta spokesperson declined to comment on the details of Cathcart’s new role.
Cathcart wrote: a post on x He said WhatsApp was “in its strongest position ever and it feels like the right moment to step back.”
Meta acquired WhatsApp in 2014 for $19 billion and it has become one of the most popular messaging services worldwide, with more than 3 billion monthly active users.
Last month, Meta began rolling out subscription plans for WhatsApp, Facebook and Instagram and said it would test new subscriptions for AI services. These moves could help Meta diversify its business beyond selling ads and recoup some of the costs from its heavy AI investments.
Cathcart will be replaced by Kunal Shah. Credit Cred is a credit card payment platform that rewards users who pay their bills on time.
Zuckerberg said Shah’s “builder mentality and global perspective” made him well-suited to lead WhatsApp.
As part of Shah’s appointment, Meta will invest $900 million in startup Cred he said in a broadcast. Cred currently has a post-money valuation of $4.5 billion, according to the company.
