New $ 200 Million Fundraiser Catapults Fintech ‘Slice’ to Unicorn Status
Unicorns in India have sprung up like crazy over the past 11 months, thanks to the revival of the startup ecosystem in the country and the massive infusion of capital from global and domestic investors. The latest startup to get a “slice” of that pie is fintech startup Slice, which entered the coveted unicorn club after raising $ 220 million.
Slice raised the funds as part of its Series B funding round, led by Insight Partners, a large New York-based global private equity investor, as well as new and existing investors including Sunley House Capital from Advent International, Moore Strategic Ventures, Anfa, Gunosy, Blume Entreprises, and 8i. With this round, the company has raised around $ 250 million in equity so far.
Valued at over $ 1 billion, Slice will use the proceeds of the fundraising cycle to fuel expansion and strengthen its footprint in the payments industry, recruit and expand its product offering. It will also use part of the new capital to finance its non-bank financial corporation (NBFC) arm and increase its loan portfolio. He is also preparing to launch support for UPI in the near future.
With this, Slice becomes the 37th and the last Indian startup to become a unicorn this year. This list includes top names like CRED, Meesho, PharmEasy, Zeta, Grofers, upGrad, MPL, Rebel Foods and many more. This is a testament to the revival of the startup sector and a stark contrast to 2020, which has hurt several industries.
“Our far superior product experience has made us the most popular alternative to existing credit cards. It also allowed us to serve not only the population with credit history but also the massive population of new creditors that the banks did not penetrate. Being able to marry both product experience and risk excellence at scale is what sets us apart, ”said Rajan Bajaj, Founder and CEO of Slice.
One of the leading card issuing start-ups in India, Slice offers a number of cards and helps users pay their bills in monthly installments at no charge, manage their expenses and unlock rewards. The median age of its users is 27, many of whom do not have a credit card. His work is something sorely lacking in India, where the majority of the population still does not have access to credit cards despite having bank accounts and subsequently debit cards.
The startup also offers a Slice Super Card, a prepaid visa card with a line of credit to allow hundreds of millions of people to enjoy credit card-like benefits and build their credit score – the higher the credit score, the better, and you can earn rewards and discounts on payments. Today, Slice ships over 200,000 cards each month (making it the third largest card issuer in India) and has a registered user base of over 5 million users, as well as a growth rate 40% month-to-month.