Slice, a Fintech platform that provides card-based products to younger Indian consumers to help them build a solid credit score, has secured $220 million in capital via a Series B round that values the business at more than $1 billion.
Slice‘s investment round has been led by Tiger Global and Insight Partners and includes participation from Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.
The deal was arranged, once again, by leading Fintech investment bank FT Partners.
The funding round has been completed a few months after Slice finalized a $20 million Series A round at a $200 million valuation.
The slice card serves as a pre-paid virtual and physical card that comes with a pre-approved credit line as well as an expense-tracking app. The company will be shipping around 200,000 payment cards a month to clients with an average age of 27, according to an update shared with TechCrunch.
The proceeds from the round will be directed towards making strategic hires and adding various products, starting with support for India’s UPI.
Slice’s management notes:
“Got bills? Time to slice them! slice [aims to be] India’s best credit card challenger to pay bills, manage expenses, and unlock rewards. Our members love us and swear by us. We’re reinventing how traditional credit cards work by offering a simple and transparent app to help our members transact easily. We have about 5 million registered members with an average age of 26, making us a market leader in a niche and growing segment.”
The company also notes that they offer up to 2% cashback on every transaction, and their members have the option to “convert monthly bills payable into 3 installments, with no extra charges.”
The firm is also backed by established PE/VCs such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal‘s Navi and angel investors like Kunal Shah.
