Rajan Bajaj, founder of fintech Slice, took to a Twitter thread earlier this year and wondered aloud what he needs to do to turn his startup into a unicorn before he turns 30.

At only 28 years old, Flipkart alum Bajaj understood it.

Slice, which was valued at less than $ 200 million in a funding round in June this year, has raised $ 220 million worth more than $ 1 billion, the startup said on Monday.

Tiger Global and Insight Partners co-led Series B of the Bangalore-based startup. Sunley House Capital of private equity firm Advent International, Moore Strategic Ventures, Anfa and existing investors Gunosy, Blume Ventures and 8i also attended.

TechCrunch reported early last month that Tiger Global and Insight Global were in talks to support Slice. A source familiar with the matter told TechCrunch the round could still reach $ 250 million.

Slice has established itself as one of the leading card companies in India. The startup offers a number of cards aimed at young tech-savvy professionals in the country. “These users have been on Instagram and Snapchat for years,” Slice customers Bajaj said in an interview with TechCrunch.

“The bar for consumer design is very high for them. We don’t have to teach them how to navigate the app. It’s intuitive for them. They want simplicity and transparency, ”he said.

The median age of Slice customers is 27, which also matches the age of the Slice team members who create the app, he said.

Image credits: Slice

The credit card market is huge in India and it remains largely untapped.

Although nearly a billion Indians have bank accounts, only a tiny fraction of that population is covered by the South Asian nation’s young credit scoring system.

As we have pointed out in the past, Indian banks rely heavily on archaic methodologies to determine an individual’s creditworthiness and whether he deserves a credit card. Their conclusion: it is too risky to give a credit card or even a loan to most Indians.

Slice addresses this problem by using its own subscription system. So much so is his confidence in his subscription system that in September of this year he launched a card with a limit of $ 27 – an offer inspired by a request from a potential customer – to tap into the 200 million inhabitants of the country. Bajaj (pictured above) said the new card is gaining traction, but declined to share numbers. Slice has a registered user base of over 5 million users.

The startup offers Slice customers a range of features such as the ability to pay the bill in installments over three months at no cost as well as access to purchase discounts with dozens of brands.

Slice says it issues more than 200,000 cards each month, which, according to someone familiar with industry figures, makes the startup the third-largest card issuer in India after two banks. Slice has a waiting list of over a million users, he said on Twitter.

“Slice has designed a product that customers love and which we believe will lead to continued growth and market share gains,” said Alex Cook, Partner of Tiger Global, in a statement. “We are excited to partner with Rajan and the team as they expand access to credit and deliver the best-in-class customer experience. “

Slice operates with an annual turnover of more than $ 60 million, according to the source cited above. The source requested anonymity as the details are private. Bajaj declined to comment on the financial figures.

Slice will deploy the fresh funds to expand its product offering. In the coming months, he plans to launch support for UPI, a payment railway developed by a coalition of retail banks and which is the most popular way for Indians to transact online, a- he declared.

The startup could also launch new cards, one of which could be aimed at teenagers, the aforementioned source said. Slice is also working on a decentralized product called “& ID,” Bajaj said in a LinkedIn post earlier this year.

“It has become second nature for us to jump between identities, whether we are online or offline. What if we stop and think about an identifier that can be used anywhere and that is fully controlled by you? Imagine an ID that can be used to accept payments, do KYC, make investments, apply for a visa, rent a car, or even create a unique link to your brand’s entire social presence online, without any censorship. “, He said in the message. .

Slice’s UPI offering will be the first product to adopt & ID. The startup is also looking to hire more people, he said. Slice announced last month that it is offering new hires a three-day week with a stable salary and benefits to attract talent who want to work on other opportunities – or do what they love – at the same time. .

“Slice targets an under-penetrated market in India and enables users to make online payments, pay bills and more,” Deven Parekh, managing director of Insight Partners, said in a statement. India, and slice is well positioned to become the industry leader. We look forward to this partnership with slice as they continue to develop and grow. “

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