Fintech company Slice on Monday announced it has become India's new unicorn with raising $220 million in a Series B round, which values it at over $1 billion.
The round was led by Tiger Global and New York-based global private equity and venture capital Insight Partners.
Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards.
"We've kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system," said Rajan Bajaj, Founder and CEO.
New and existing investors including Advent International's Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i also participated in the round.
Users can sign up with Slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and enjoy up to 2 per cent cashback on each transaction.
Slice, which is shipping over 200,000 cards each month, recently opened doors to the new-to-credit population. They can start their financial journey with the newly introduced card with a limit of Rs 2,000.
"Slice has built a product that customers love, which we expect will result in continued growth and market share gains," said Alex Cook, Partner at Tiger Global.
Slice said it now has a registered user base of over 5 million and a 40 per cent month-on-month growth rate accompanied by industry-leading risk metrics.
Nearly 38 Indian startups have made it to the unicorn list this year, raising more than $32 billion (till October).