Fintech Startup 'Slice' is India’s 41st Unicorn with $220 mn funding

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Company bags $220 mn in fresh funding led by Tiger Global and Insight Partners at a valuation of over $1 bn
Fintech Startup 'Slice' is India’s 41st Unicorn with $220 mn funding
Rajan Bajaj, Founder & CEO, Slice 

Fintech firm Slice has got $220 million from a clutch of investors led by Tiger Global and Insight Partners at a valuation of over $1 billion, becoming the latest Indian start-up to become a unicorn. The series B financing was also backed by new and existing investors, including Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures and 8i.

Slice is the 41st start-up to become a unicorn this year, underscoring investors’ sustained appetite to back tech firms amid growing consumer demand for digital services. The Bengaluru-based firm has raised about $258.8 million equity so far, according to data from Crunchbase. In June, it had got $20 million from investors led by Blume Ventures and Gunosy.

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Slice plans to use the fresh capital to bolster presence in the payments space, hire skilled talent and expand product offerings, it said in a release on Monday. Slice, which has positioned itself as a credit card challenger, enables young Indians to pay bills through its super card, a prepaid Visa card with a credit line. The company claims that users can avail up to 2% cashback on each transaction. It says it ships over 2,00,000 cards each month. “Even as most individuals in India have bank accounts and debit cards, only a sliver of this banking population has access to credit cards, which is less than 35 million according to industry estimates. Moreover, the nation’s young credit-rating system covers only a tiny fraction of this population, making it tediously challenging for them to own a credit card,” the firm said. Slice has about five million registered users with average age of 27.

Indian start-ups have raised over $6 billion in Q3CY21, according to a recent report by NASSCOM and PGA Labs. Fintech start-ups got almost 16% of this. “Fintech continues to develop its legacy and penetrate into the start-up ecosystem. Growing infrastructure stack, innovative solutions and new business models will continue to keep this sector in limelight,” said the report.

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