Slice Raises $50 Million at $1.5 Billion Valuation

Slice is a developer of a platform that allows users to manage expenses, pay bills, and unlock instant. It is an app-based virtual credit card provider. Slice offers its clients credit card-loke features and gives access to deals with popular merchants. The latest addition, the UPI feature, gives users more reasons for interaction with an app and thus aims to drive their engagement.

The funding round Series C was led by Tiger Global Management. Among other participants were GMO Venture Partners and already invested backers Insight Partners and Moore Strategic Ventures. “Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market,” Alex Cook, Partner at Tiger Global.

Slice, Bengaluru, India, was founded by Rajan Bajaj in 2019. As of now, the company offers credit card features to more than 12 million Indians. Slice issues from 300 000 to 400 000 cards per month. The features that are offered include cashback service, buy now, and pay later with Amazon and MakeMyTrip. Another feature is “Pay-in-3” which allows customers to slip their payments into three parts with no additional charges or interest. Recently launched UPI, a payments railroad, has become the most popular way Indians transact online. “With the significant growth in wallet share of Slice card, 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,” Rajan Bajaj, CEO and founder of Slice.

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