Bengaluru, June 1
Fintech unicorn Slice has raised $50 million as part of its larger series C round, led by Tiger Global, along with the participation of Moore Strategic Ventures, Insight Partners and GMO Venture Partners.
While the company did not disclose its valuation, Slice is reported to be valued at around $1.5 billion in this round. Slice has cumulatively raised $290 million in series A, B and ongoing C rounds. As the company’s core credit product is inching towards profitability, Slice plans to utilise this new capital to support the expansion of its new UPI product.
Commenting on this development, Rajan Bajaj, Founder-CEO, slice, said: “We have really struck a chord culturally with millennials and Gen Zs nationwide in the last couple of years. With the significant growth in wallet share of slice card, it became increasingly clear that our customers would love to use slice for all their payment needs. Driving on that, we made our next important product launch with UPI which has been gaining strong early traction. We are excited about the long journey that lies ahead of us. It’s our north star to create a world class consumer payments product out of India.”
“Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market. We are delighted to continue our partnership with Rajan and his team as they improve and expand payment products with the goal of making money more relatable for the consumer,” said Alex Cook, Partner, Tiger Global.
In November 2021, slice entered the unicorn club ($1 billion valuation) after raising $220 million in Series-B fund-raise, co-led by Tiger Global and Insight Partners. With over 12 million registered users, the company aims to build the best payment experience in India with its slice super card and its latest launch of UPI to the app.