Fintech Slice has raised $220 mn in a Series B funding round. The round was led by its new investors US investment giant Tiger Global and Insight Partners.
Spike in issuing cards
Slice provides a Visa card focused on millennials. It allows customers to pay for their purchases in three instalments. Its card issuance spiked from 20,000 in Jan 2021 to the current 200,000 per month. India’s growing appetite for credit triggered this.
41st unicorn
Slice is the 41st unicorn in 2021. The company’s turnover for FY21 stood at Rs 35 crore. The startup offers Slice customers a range of features such as the ability to pay the bill in multiple instalments spread across three months at no charge as well as access to discounts on purchase with scores of brands.
Slice issues over 200,000 cards each month. This makes the startup the third largest card issuer in India after two major banks. Slice has a waitlist of over a million users, it said on Twitter.
“Slice has built a product that customers love, which we expect will result in continued growth and market share gains,” said Alex Cook, a partner at Tiger Global, in a statement.
“We are excited to partner with Rajan and the team as they expand access to credit and deliver best-in-class customer experience,” he said.
