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NEW DELHI: Indian fintech firm Slice mentioned on Monday it had raised $220 million in a Sequence B funding spherical led by funding big Tiger International and personal fairness agency Perception Companions that valued the corporate at greater than $1 billion.
New and present buyers, together with non-public fairness agency Introduction Worldwide’s affiliate Sunley Home Capital, funding agency Moore Strategic Ventures, Japan’s Gunosy Capital and India’s Blume Ventures, additionally participated within the spherical, Slice mentioned.
“A big a part of the capital won’t be used for burning nevertheless it’ll be used for scaling (up),” Rajan Bajaj, the corporate’s founder and CEO, instructed Reuters in an interview.
Slice, which has about 600 staff, may also use the brand new funds to step up hiring for abilities together with engineering, design and knowledge science, and so as to add new shopper merchandise, he mentioned.
Slice presently presents a bank card focused at India’s younger individuals. Signing up and making use of for the cardboard is totally digital – by way of its app on Google’s Android play retailer and Apple’s app retailer.
Permitting customers to separate their invoice into three interest-free month-to-month instalments is among the many Slice card’s key options.
The corporate presently has 5 million registered customers on its app, Bajaj mentioned.
Slice can also be gearing as much as launch funds on India’s Unified Funds Interface (UPI), a state-backed system which simplifies inter-bank cash transfers and service provider funds, Bajaj mentioned.
“What we’re doing for playing cards right now we’re additionally going to do for shopper funds. We’re launching our UPI product subsequent,” Bajaj mentioned with out giving a timeline.
China’s Ant Group-backed fintech Paytm, Google and Walmart’s PhonePe are presently among the many prime gamers in India providing UPI-based funds.
Bajaj, an engineering graduate, based the Bengaluru-based startup in 2016.
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