Indian fintech company Slice announced it had become India's newest unicorn after raising $220 million in Series B funding that valued the startup at over $1 billion.
Insight Partners and Tiger Global co-led the Bengaluru-based startup's Series B round of funding. Private equity firm Advent International's Sunley House Capital, Anfa, Moore Strategic Ventures, and existing investors Blume Ventures, Gunosy, and 8i also participated in the funding round.
Slice has established itself as one of the market-leading credit card firms in a country where the market for credit cards is massive and remains largely untapped. The fintech startup offers several cards aimed at the country's young tech-savvy professionals. Slice provides its customers a range of features such as the ability to pay the bill in multiple installments spread across three months at no charge, as well as access to discounts on purchases with several brands.
Slice reportedly has a registered user base of over 5 million users. The company says it is issuing over 200,000 cards each month and had posted a tweet saying that it has over a million users on its waitlist. According to an anonymous source, Slice is moving with an annual revenue run-rate of over $60 million.
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