The Indian fintech company—Slice—became a unicorn with a funding of $220M from Insight Partners, Advent, and Tiger Global. The thought of becoming a unicorn before turning 30 had been going on in Rajan Bajaj’s mind since earlier this year, on which he had tweeted as well. The founder of Slice achieved his dream at 28.
Slice was assessed at under $200M in June in a financing round this year. It has fundraised $220M which is estimated at over $1 billion. Insight Partners and Tiger Global have co-headed the app-based company of credit card’s Series B round. Private firms such as Moore Strategic Ventures, Sunley House Capital of Advent International, and Anfa and active investors Blume Ventures, 8i, and Gunosy also took part in it.
Slice aims at tech-savvy professional youth by offering a variety of cards. In an interview, Bajaj said that the credit card market in India is quite massive but remains untapped mostly. He observed that the Indian banks still rely on traditional ways to decide on whether an individual deserves a credit card, as they believe it’s too risky to give Indian credit cards or loans.
Slice deals exactly with such ideology by making use of its own underwriting system. In September, Slice had launched a card with a limit of $27. Bajaj says it’s gaining a strong foothold in the market rapidly.
The firm offers its customers an array of features like the choice of paying bills in multiple installments over three months at zero charges and the availability of discounts on procuring material from numerous brands.
Slice is supplying over 200,000 cards per month, which makes the company the third largest card provider in India. It plans on initiating support for UPI in the upcoming months, as it’s the most popular transaction method that the Indians use, said Bajaj.