Credit card co Slice 41st unicorn in 2021

Fintech startup Slice, which targets millennials with credit cards, has become India’s 41st unicorn in 2021.

Slice has raised $220 million in a series-B round valuing the company at over $1 billion. The round was led by Tiger Global and Insight Partners. Other investors include Advent International’s Sunley House Capital, Moore Strategic Ventures and angel investor Binny Bansal.

Sources said that the startup received strong interest from global investors in this oversubscribed round, and is still evaluating some investments. Earlier in June, Slice had raised a $20-million series-A round that had valued it at around $200 million.

Slice, which started as a ‘buy now, pay later’ payments product, pivoted to offer credit cards in 2019 to address what it saw as a large market gap. Users can sign up, get a slice ‘super card’ (a prepaid visa card with a credit line) virtually, and also get the physical card delivered to their home. Slice, which is shipping around 200,000 cards each month, lets users slice the bill into 3 monthly instalments at zero cost and enjoy up to 2% cashback on each transaction.

“Our burn is very low compared to other consumer startups and we are going to use the funds to hire more product and design talent and focus on making more products that are best-in-class in terms of user experience,” Rajan Bajaj, founder and CEO, Slice, said. “Our superior product experience has made us the most popular alternative to existing credit cards. We have a net promoter score of over 75 today — much higher than most banks,” he added.

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