Fintech startup Slice has raised $220 million in a Series B funding round. Tiger Global and Insight Partners led the round. New and existing investors, including Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i, participated in the round. The company provides a C focused on millennials which allow users to pay for their purchases in three instalments. The company’s card issuance increased from 20,000 in January 2021 to 200,000 per month, led by the growing desire for credit in India.
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Slice’s super card serves as an alternative for credit cards with lower credit limits making people eligible to benefit from paying later. Slice’s founder and CEO Rajan Bajaj said that the startup plans to invest in technology and product design and add more products supporting Unified Payments Interface (UPI). “We have reached a phase where our profits are growing fast. Several customers will start using our revenue-generating card products. Existing card customers as well use UPI for their payments,” Bajaj stated.
