Fintech startup Slice raised $220 million in Series B led by US-hedge fund Tiger Global and Insight Partners where new investors such as Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunopsy among others with existing investors Blume Ventures and 8i also participated.
Fintech startup focussed on millennials, Slice, operated by GaragePrenuers Internet Pvt. Ltd, has raised $220 million as a part of its latest Series B fundraise led by New York-based investment firms Tiger Global and Insight Partners. Slice enters the unicorn club with valuation over a billion dollars.
Slice is an app-based credit card challenger with a Reserve Bank of India non-banking financial company licence. Slice intends to use the proceeds of its most recent fundraise to expand its existing lines of business, invest in newer products, and expand its engineering and design functions. A portion of the new capital will also be used to fund the company’s non-banking financial company (NBFC) arm and to expand its loan book. Users can use Slice to pay bills, manage expenses, and earn rewards. It is aimed at new-age millennials and Gen Z, with an average age of 27, who have been denied credit cards by large banks due to insufficient credit scoring in this demographic.
It is the eleventh fintech in India to turn unicorn this year following the likes of — online brokerages, Groww and Upstox; cryptocurrency exchanges, Coinswitch and CoinDCX; as well as insurtech players, Digit and Acko among others, which saw their valuations rise above the $1 billion mark. Slice has established itself as one of the market leading card-issuing firms in India. The startup offers a number of cards that are aimed at tech-savvy young professionals in the country.
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