Indian fintech Slice raises $220 mln, hits “unicorn” status

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NEW DELHI, Nov 29 (Businesshala) – Indian fintech company Slice on Monday said it had raised $220 million in a Series B funding round led by investment giant Tiger Global and private equity firm Insight Partners, which has valued the company at $ was over 1 billion.

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Slice said new and existing investors including Sunly House Capital, an affiliate of private equity firm Advent International, investment firm Moore Strategic Ventures, Japan’s Gunosi Capital and India’s Bloom Ventures also participated in the round.

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“A large part of the capital will not be used for burning, but will be used for scaling (up),” the company’s founder and CEO Rajan Bajaj told Businesshala in an interview.

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He said Slice, which has about 600 employees, will use the new funds for skills including engineering, design and data science, and also to add new consumer products.

Slice currently offers a credit card targeted at the youth of India. Signing up and applying for a card is completely digital through its apps on Google’s (GOOGL.O) Android play store and Apple’s (AAPL.O) App Store.

Allowing users to split their bill into three interest-free monthly installments is one of the key features of the Slice Card.

Bajaj said there are currently 5 million registered users on the company’s app.

Bajaj said Slice is also set to launch payments on India’s Unified Payments Interface (UPI), a state-backed system that simplifies inter-bank money transfers and merchant payments.

Bajaj said without giving any timeline, “What we are doing for cards today, we are going to do the same for consumer payments. We are launching our UPI product further.”

China’s Ant Group-backed fintech Paytm (PAYT.NS), Google and Walmart (WMT.N) PhonePe are among the top players currently offering UPI-based payments in India.

An engineering graduate, Bajaj founded the Bengaluru-based startup in 2016.

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Reporting by Sankalp Fartiyal; Editing by Angus McSwan

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