Credit card platform Slice, has raised $220 million in Series B round.
The fund will be utilized for onboarding users, hiring, and development of new products.
Credit card platform Slice, has raised $220 million from Tiger Global and Insight Partners in a Series B round. Sunley House Capital of Advent International, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i were among the existing investors in the round.
According to Slice, the new funds are valued at more than $1 billion. In 2021, the company will join the ranks of 40 other unicorns. NoBroker, Spinny, and Upstox joined the $1 billion plus value club last week.
Binny Bansal (co-founder of Flipkart) and Guillaume Pousaz (co-founder and CEO of Checkout) were among the investors in the Series B round. The Bengaluru-based startup had earlier raised $10 million in loan and $20 million in equity in July and June of this year, respectively. According to Slice, the fund will be utilised for onboarding users, hiring, and development of new products.
Slice provides real and virtual cards for students and young salaried professionals to access buy now pay later [BNPL] products, thanks to a relationship with Visa and SMB Bank. The corporation has been tight-lipped about any figures beyond the 5 million users who have registered.
The five-year-old company claims to offer up to 2% return on every transaction and offers users the option of turning monthly expenses payable into three installments at no additional cost. Over the next 5-7 years, it wants 150 million people to use credit cards or BNPL products.
Slice’s income from operations increased slightly to Rs 35.35 crore for the fiscal year ended March 31, 2021, up from Rs 29.88 crore in FY20. Expenses climbed by 34% to Rs 47.87 crore from Rs 35.72 crore the previous fiscal year.