Fintech start-up slice has raised $220 million in a Series B round from Tiger Global and Insight Partners, valuing the company at over $1 billion.
Other investors such as Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i have also participated in the round.
Slice offers a prepaid Visa card called slice super card, which allows users to enjoy credit card-like benefits, along with building their credit score. Slice card also allows users to spread their bills across three months instalments at zero cost and earn two per cent cashback on all transactions. The company claims to be shipping over 200,000 cards each month. Recently they launched a product for new-to-credit user base. These users get a credit limit of ₹2,000 on the slice’s newly introduced card.
Start-ups raise $8 b in 5 months
Commenting on the fund-raise, Rajan Bajaj, Founder & CEO, slice, said: “Since the inception of the company, we’ve held a considerably different point of view from a typical start-up. The idea has never been to burn capital and acquire users forcefully, but to set up a sustainable and robust business. We’ve kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system.”
Alex Cook, Partner at Tiger Global, said: “Slice has built a product that customers love, which we expect will result in continued growth and market share gains. We are excited to partner with Rajan and the team as they expand access to credit and deliver best-in-class customer experience.”
“Slice targets an underpenetrated market in India and seamlessly allows users to make online payments, pay bills and more,” said Deven Parekh, Managing Director at Insight Partners.
Slice claims to have a registered user base of over five million and a 40 per cent month-on-month growth rate, accompanied by industry-leading risk metrics. It intends to use the funding to expand and strengthen its presence in the payments space, hire talent, and expand its product offerings.
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