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Credit card provider Slice on Wednesday said it has raised $50 million as part of its large Series C round led by Tiger Global. These funds will be used to strengthen the company’s balance sheet which will support the expansion of its new UPI product.
The company said in a statement that its existing investors — Moore Strategic Ventures and Insight Partners — participated in the round along with a new investor, GMO Venture Partners.
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 that it currently has over 12 million registered users, and is looking to strengthen its hold in India with the latest launch of its Slice Super card and UPI for the app.
“With the significant increase in the wallet share of the Slice Card, it became increasingly clear that our customers would prefer to use Slice for all their payment needs. Building on that, we launched our next significant product with UPI, Which is gaining strong initial traction. We are excited about the long journey ahead. Rajan Bajaj, Founder and CEO, Slice, said, “This is our North Star to create world-class consumer payments products out of India.
Alex Cook, Partner, Tiger Global, said: “Slice is leading the way in innovation, customer experience and growth in India’s rapidly growing 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 reliable for consumers.
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