Slice, a credit card provider, on Wednesday said it has raised $50 million as part of its larger Series C round led by Tiger Global. These funds will be used to shore up the company’s balance sheet which will support the expansion of its new UPI product.
Its existing investors — Moore Strategic Ventures and Insight Partners along with a new investor, GMO VenturePartners, participated in the round, the company said in a statement.
In November 2021, Slice entered the unicorn club after raising $220 million in its Series B fundraise co-led by Tiger Global and Insight Partners. The company claims to have over 12 million registered users currently, and looks to strengthen its hold in India with its Slice Super Card and its latest launch of UPI to the app, it said.
“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,” said Rajan Bajaj, founder and chief executive officer of Slice.
Alex Cook, partner, Tiger Global said: “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.”