Indian unicorn Slice increases its valuation after fresh funding

Indian credit card company Slice has reportedly raised $50m in a fresh financing round, which puts its valuation between $1.5bn and $1.8bn.

The new round was led by Tiger Global, according to a report from TechCrunch. Other commitments came from GMO Venture Partners, Insight Partners and Moore Strategic Ventures.

Slice is also engaging with other investors to raise an additional $100m, the report claims, which cites a source familiar with the matter. The FinTech company became a unicorn in 2021 when it closed a $220m funding round, which was co-led by Tiger Global and Insight Partners.

 The FinTech company offers a mobile app to simplify payments, with the ability to scan and pay instantly, or easily send money to friends. Its services are used by over 12 million people.

Tiger Global partner Alex Cook told TechCrunch, “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.”

Last year, Slice released a card that offered a credit limit from $27m which was aimed at those in India that struggled with online transactions.

FinTech funding in India is on track to reach a record high. Last year, a total of $9.5bn was invested through 474 deals, according to data from FinTech Global. In just the first quarter of 2022, $3.1bn has already been invested through 128 deals.

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