Bengaluru-based fintech startup Slice, is the latest firm to join the unicorn list, with a five-fold increase in valuation to $1 billion in just six months.
According to a release, the startup, which offers credit cards to young professionals, secured $220 million in a Series B round headed by New York-based investment firms Tiger Global and Insight Partners.
Angel investors Guillaume Pusaz and Binny Bansal, as well as new and returning investors such as Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i, all participated in the round.
Slice plans to use the funds to grow and increase its footprint in the payments industry, as well as to hire new people and extend its product offerings.
Slice Joins Unicorn Club, to build long-term, stable business
The company, which was founded in 2015 by Rajan Bajaj and Siva Kumar Tangudu, has raised $250 million in equity funding to date. According to sources, this included a $20 million fundraising round from Gunosy Capital and Blume Ventures in June, which valued the company at $200 million.
“The goal was never to burn money or compel users to join, but to build a long-term, stable business.” In the early years, we kept our heads down and focused completely on streamlining the user process and developing a cutting-edge risk underwriting system,” Slice CEO Rajan Bajaj said in a statement.
Slice has unveiled a credit card product for India’s new-to-credit population with a maximum of Rs 2,000. Aside from that, the company offers digital and physical prepaid VISA cards with a credit line that works similarly to a credit card. It also provides 2% reward on transactions and instalment bill payments.