Slice joins unicorn club after B funding round of $220 million

Fintech Slice said that it has raised $220 million in a Series B funding round which values the company at above $1 billion. The round was led by US investment giant Tiger Global and New York-based private equity and venture capital firm Insight Partners which joined as new investors.

New and existing investors, including Advent International's Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i also participated in the round. Flipkart founder Binny Bansal and Guillaume Pousaz, founder of London-headquartered payments platform checkout.com have also invested in the round.

The company currently provides a Visa card focused on millennials which allows customers to pay for their purchases in three installments. The company's card issuance spiked from 20,000 in January 2021 to 200,000 per month currently led by the growing appetite for credit in India.

Slice's 'super card' serves as a simpler alternative for credit cards with lower credit limits making more people eligible to avail the benefits of paying later. The company's monthly issuance is now in-line with leading banks like HDFC Bank and ICICI Bank that issue anywhere between 2,00,000 to 3,00,000 credit cards per month.

Slice, which holds a Non-Banking Financial Company (NBFC) license will come under the purview of the Reserve Bank of India's (RBI) impending digital lending norms as it offers a credit product. A working group by the RBI had released recommendations to regulate digital lending in India on November 18.