Indian fintech Slice raises $220 million, becomes unicorn

Bangalore-based fintech company Slice announced on Monday that it has raised a $220 Series B co-led by Tiger Global and Insight Partners, valuing the company at more than $1 billion. 

New and existing investors, including private equity firm Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy Capital, Blume Ventures, and 8i also participated in the funding round.

In June, Slice had raised $20 million in a funding round at under $200 million valuation. 

“A large part of the capital will not be used for burning but it’ll be used for scaling (up),” Rajan Bajaj, Slice founder and CEO, said in an interview. Having around 600 employees, the company also plans to use the fund to expand the team with the best talents. 

Founded in 2016 and currently used by more than 5 million people in India, Slice offers a credit card that can be applied and signed up through its mobile apps across Google Play and the App Store. It allows users to slice all their bills over 3 months without any extra charges. It also offers instant rewards upto 2% cashback on every transaction.

Bajaj said the company is also gearing up to launch payments on India’s Unified Payments Interface. “What we are doing for cards today we are also going to do for consumer payments. We are launching our UPI product next,” Bajaj said. The timeline for the new feature was not disclosed.