A Bengaluru-headquartered financial technology company that has been making different attempts at curbing credit card woes for the younger population in India, has crossed the unicorn milestone, having raised US$220 million in its latest series B funding.
This new development means that Slice is now valued at over US$1 billion and is the 41st Indian startup and the 11th fintech firm to achieve unicorn status this year.
In a territory like India, where the credit card market is huge and untapped, Slice decided to develope a pay later card that serves the same purpose as a conventional credit card, but without its complexities.
The company made it so easy for anyone to own a credit card today that it garnered over five million users to its platform (with a median age of 27), to date.
Slice’s most recent capital injection was from its Series B funding round led by New York-based investment firms Tiger Global and Insight Partners. It was also joined by new and existing investors such as Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, 8i, and Blume Ventures. Even Flipkart founder Binny Bansal, among other notable angels, took part in the round.
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