Slice, an Indian based financial tech company has just raised funds amounting to $ 50 million USD in their latest round funding. This round of funding was primarily led by Tiger Global and involved other fund management companies and venture capital firms including Moore Strategic Ventures and Insight Partners on the 1st of June.
This fresh batch of funds has raised the valuation of the start-up company by $ 300 million USD from an initial $ 1.5 billion USD to $ 1.8 billion USD now but that number could change once the round comes to a close. The value and brand of the company grew a lot over the past few months as they were one of the main sponsors of the recently concluded Indian Premier League season.
When asked how the funds will be utilised, Mr. Rajan Bajaj, the co-founder of slice said that the company will work on scaling up their UPI product.
Slice is a financial tech company and a challenger bank. The company provides a virtual credit card known as the Super Slice Card. The company’s maid target group is students and young millennials due to their credit score and repayment flexibility. The start-up company was founded 6 years ago back in 2016 and its head office is situated in Bangalore.
The company said that they have been able to relate and help out millions of young Indians and millennials over the past few years and they are excited of the long work that is ahead of them. The company mainly provide funds to the younger generation who cannot receive a credit card and to people who do not have a credit score yet. They service the people the traditional and commercial banks choose not to provide services to. They provide funds based on how much the consumer spends and not how much they earn or how good their credit score is.
The company has been growing consistently and they have now garnered over 12 million registered users and they even previously said that the company has around 10 million users who are eager to be registered with the app but are on a waitlist.
The company’s spokes people also recently said that they are looking to go profitable as soon as possible and made some changes to their modes of repayment giving benefits to users who have a track record of paying quickly compared to those who do not.