auther
Vivek

June 3 · 5 min read

Fintech Unicorn slice Secures $50 Million Funding To Grow UPI Product

The Fintech startups from all over the world are having a tough time raising funds from the VCs, and at a time when the startup funding environment is said to have weakened, then there are Indian startups doing absolutely great.

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The Fintech startups from all over the world are having a tough time raising funds from the VCs, and at a time when the startup funding environment is said to have weakened, then there are Indian startups doing absolutely great.

Last year the Venture capitalists (VC) invested in a record high of $38.5 billion in Indian start-ups, with the country minting 44 unicorns in 2021.

One of them was Fintech unicorn Slice which has been able to have raised $50 million in a funding round led by TigerTiger Globe (an existing investor), along with a Japan-based new investor GMOGMO venture partners

Slice, which is trying to change the financial experience for younger audiences, said it will utilize the new capital to support the expansion of its new UPI product. And maybe they are looking to extend the financial round to raise at least another $50 million

While the ongoing fundraiser is still not yet closed, Slice is expected to be valued at over $1.5 billion.

Currently, the user base of Slice is around 12million, targeting both millennials and Genz, Slice allows its users to create a UPI account on the app by linking it to their bank accounts.

Rajan Bajaj, founder & CEO of Slice, said, “With the significant growth in wallet share of Slice cards, it became increasingly clear that our customers would love to use Slice for all their payment needs.

Driving on that, we made our next important product launch with UPI which has been gaining strong early traction.”

Last year in November, Slice entered the unicorn club after raising $220 million in a round co-led by Tiger Global and Insight Partners.

“Unicorns are privately held fintech firms with a valuation of $1 million.”

According to Slice founder and CEO Rajan Bajaj, the funds have been raised to shore up its balance sheet, as well as to grow its payment business, with entry into the unified payments interface (UPI), last month.

"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," Tiger Global partner Alex Cook said.

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