Slice, a Bengaluru-based fintech startup, has raised $220 million in its Series B funding round led by New York-based investment firms Tiger Global and Insight Partners.

Notable angel investors Guillaume Pusaz and Binny Bansal, as well as new and returning investors including Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i, also participated in the funding round.

The fintech startup plans to use the raised capital to expand and strengthen its presence in the payments space, hire talent, and expand its product offerings. 

Slice | Redesigning Financial Experiences For Gen Z And Millennials

Founded in 2015 by Rajan Bajaj and Siva Kumar Tangudu, Slice is a Bengaluru-based payment and credit startup targeted at young professionals. The fintech startup is reinventing how traditional credit cards work by offering a simple and transparent app to help its members transact easily.

Speaking on the development, Rajan Bajaj, Founder and CEO of Slice, said,

“The idea was never 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 focussed solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system.”

With this latest funding, Slice has entered the coveted unicorn club, witnessing a five-fold jump in valuation to $1 billion within six months.  

The Bengaluru-based fintech startup recently announced its credit card product with a limit of Rs 2,000 for the new-to-credit population in India. In addition to this, Slice issues digital and physical prepaid VISA cards with a credit line similar to credit cards, offering 2% cashback on transactions and bill-payment in instalments.

Slice claims to issue over two lakh cards a month and has a registered user base of 50 lakh. The fintech startup’s product is riding high on the ‘Buy Now Pay Later’ (BNPL) wave, which is set to grow to $45-50 billion by 2026, presently at $3-3.5 billion, as per a report by market research firm Redseer.

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