Indian fintech Slice tops $1.5 billion valuation in new funding

Slice, a fintech startup that’s bringing bank card options to tens of millions of Indians, has raised $50 million in a brand new financing spherical because it seems to scale its not too long ago launched UPI funds product and push to make its core credit score enterprise worthwhile.

Tiger International led the Bengaluru-headquartered startup’s Sequence C financing spherical, which based on a supply aware of the matter, values Slice between $1.5 billion to $1.8 billion. Slice entered the unicorn club in a spherical in November final 12 months.

The brand new spherical additionally noticed participation from GMO Enterprise Companions and present backers Perception Companions and Moore Strategic Ventures. Slice is partaking with further traders to boost one other $100 million, the supply mentioned, requesting anonymity as the small print are non-public.

TechCrunch reported earlier this 12 months that Slice was in talks to raise a new financing round. The startup declined to remark Thursday on its valuation and talks for added high up within the present spherical.

Launched in 2019, Slice presents bank card options together with rewards with varied widespread retailers and versatile cost choices to over 12 million Indians.

Almost 1 billion Indians have financial institution accounts however most of them usually are not eligible for a number of fundamental providers akin to credit score. Credit score bureaus in India have information of solely a fraction of the nation’s 1.4 billion inhabitants.

Slice is amongst a bunch of startups that’s more and more broadening the marketplace for who all can get a card by utilizing fashionable underwriting methods. It’s issuing between 300,000 to 400,000 playing cards a month, based on a supply aware of the matter, a determine that makes it one of many high card corporations within the South Asian market.

“Slice is main the best way for innovation, buyer expertise, and development in India’s quickly growing funds market. We’re delighted to proceed our partnership with Rajan and his group as they enhance and broaden cost merchandise with the purpose of being profitable extra relatable for the buyer,” mentioned Alex Cook dinner, Associate at Tiger International, in a press release.

A few of Slice’s marquee options are a 2% cashback on card spendings and a purchase now, pay later providing with retailers akin to Amazon and MakeMyTrip, the place clients get the flexibility to pay for his or her purchases over a course of some months at no further cost.

“We’ve actually struck a chord culturally with millennials and Gen Zs nationwide within the final couple of years,” mentioned Rajan Bajaj, founder and chief government of Slice, in a press release.

The startup is now broadening its choices. Final month it launched support for UPI, a funds railroad that has grow to be the preferred approach Indians transact on-line. By including UPI, Slice is seeking to drive engagement by giving customers extra causes to make use of its eponymous app for his or her day by day spendings.

Bajaj (pictured above) mentioned the UPI product is already “gaining sturdy early traction.”

“With the numerous development in pockets share of Slice card, it grew to become more and more clear that our clients would love to make use of Slice for all their cost wants. Driving on that, we made our subsequent vital product launch with UPI which has been gaining sturdy early traction. We’re excited concerning the lengthy journey that lies forward of us. It’s our north star to create a world class client funds product out of India,” he mentioned.

The startup additionally mentioned that it’s working to show its credit score enterprise worthwhile within the coming months.

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