Slice (written as “slice”), an Indian fintech business, becomes the country’s 41st unicorn in 2021. It reported on Monday, 29 November 2021, that the company had raised $ 220 mn. in a Series B round, valuing it at more than $ 1 bn. Tiger Global and Insight Partners, a New York-based global private equity and venture capital firm, led the deal. The funding round was also attended by new and current investors such as Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.
slice is a credit card challenger that allows you to pay bills, manage expenses, and earn rewards. It targets millennials.
Rajan Bajaj, founder and CEO of slice, said “We’ve kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system”.
slice began as a “buy now, pay later” payments solution before pivoting to providing credit cards in 2019 to fill a big market vacuum. Its users can sign up in seconds and obtain a virtual card (and a real card mailed to their house). Every month, it distributes over 2 lakh cards, allowing consumers to split their bills into 3 EMIs at no cost and earn up to a 2% cashback on each transaction.
Alex Cook, partner at Tiger Global said “slice has built a product that customers love, which we expect will result in the continued growth and market share gains”.