Fintech company Slice has raised $220 million in a Series B funding round led by investment giant Tiger Global and private equity firm Insight Partners.
New and existing investors, including private equity firm Advent International’s affiliate Sunley House Capital, investment firm Moore Strategic Ventures, Japan’s Gunosy Capital and India’s Blume Ventures, also participated in the round, Slice said.
Slice, which has about 600 employees, will also use the new funds to step up hiring for skills including engineering, design and data science, and to add new consumer products, he said.
Slice currently offers a credit card targeted at India’s young people. Signing up and applying for the card is completely digital – via its app on Google’s Android play store and Apple’s app store.
Allowing users to split their bill into three interest-free monthly instalments is among the Slice card’s key features.
The company currently has 5 million registered users on its app.
Slice is also gearing up to launch payments on India’s Unified Payments Interface (UPI), a state-backed system which simplifies inter-bank money transfers and merchant payments, Bajaj said.
China’s Ant Group-backed fintech Paytm, Google and Walmart’s PhonePe are currently among the top players in India offering UPI-based payments.
