Fintech unicorn Slice raises $50 million in funding led by Tiger Global

Fintech unicorn Slice has secured $50 million (about ₹387 crore) in a series C round led by Tiger Global, the company announced on June 1. The round included existing investors Moore Strategic Ventures and Insight Partners, as well as new investment GMO VenturePartners, bringing the firm's valuation to over $1.5 billion.

Slice became a fintech unicorn in November 2021 after receiving $220 million in a Series B round headed by Tiger Global and Insight Partners. The fund was raised as part of Slice's Series B funding round, which was led by Tiger Global and Insight Partners of New York. Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, 8i, and Blume Ventures were among the new and current investors in the round. Binny Bansal, the creator of Flipkart, as well as other renowned angel investors, participated in the round.

"With its core credit product set to achieve profitability in the coming months, Slice will be utilising this new capital for shoring up the balance sheet to support the expansion of its new UPI product," the company said in a statement.

"With the significant growth in wallet share of Slice cards, it became increasingly clear that our customers would love to use Slice for all their payment needs. Driving on that, we made our next important product launch with UPI, which has been gaining strong early traction. We are excited about the long journey that lies ahead of us," Slice founder and CEO Rajan Bajaj said in the statement.

Slice claims to have over 12 million registered users currently.

"Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market. We are delighted to continue our partnership with Rajan and his team as they improve and expand payment products with the goal of making money more relatable for the consumer," Tiger Global partner Alex Cook said.

(With agency inputs)