Fintech Startup Slice Raises $50 Million Series C At A New Valuation Of $1.5 Billion

India’s fintech startup Slice has raised $50 million in a Series C funding round led by Tiger Global. This new round follows its November $220 million Series B round also led by Tiger Global.

The latest round also received investments from GMO Venture backers, Insight Partners, and Moore Strategic Ventures. Although Slice didn’t issue its new valuation, a source familiar with the matter stipulated that the company’s new valuation was between $1.5 billion to $1.8 billion, adding that the startup is looking at raising an additional $100 million from additional investors.

The app-based credit card startup provides credit card services to millions of people in India. With the new funding, the startup plans to scale its recently launched unified payment interface (UPI) payments product and increase the profitability of its business.

Like a handful of other startups in India and around the world, Slice is helping Indians to access financial services by providing them with cards. The startup issues between 300,000 to 400,000 cards every month, automatically making it one of Asia’s biggest card companies.

In a statement, Alex Cook, Partner at Tiger Global said that “Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market. We are delighted to continue our partnership with Rajan and his team as they improve and expand payment products with the goal of making money more relatable for the consumer.”

The startup provides a menagerie of features including a 2 percent cash back on card spending and a BNPL offering with merchants like MakeMyTrip and Amazon. Its BNPL offering allows users to pay for their purchases in installments without extra fees or charges.

In a statement, Slice’s founder and CEO Rajan Bajaj said that “We have really struck a chord culturally with millennials and Gen Zs nationwide in the last couple of years.”

Its UPI payment offering was launched last year and has found its way to being the heartthrob of Indians – it is now the most popular way of transacting in India. Slice hopes to give more users reasons to use its app by providing UPI payments. “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. We are excited about the long journey that lies ahead of us. It’s our north star to create a world-class consumer payments product out of India,” Slice’s founder and CEO said.