[Funding alert] Fintech startup Slice turns unicorn after raising $220M led by Tiger Global, Insight Partners

Bengaluru-based fintech startup Sliceis the most recent participant into the unicorn club, with a five-overlay bounce in valuation to $1 billion inside a half year. 

The startup, which issues Mastercards focused on at youthful experts, brought $220 million up in its Series B round drove by New York-based trading companies Tiger Global and Insight Partners, said an assertion. 

The round likewise saw cooperation from eminent private backers Guillaume Pusaz and Binny Bansal, just as new and returning financial backers including Advent International's Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i. 

Cut will use the funding to extend and fortify its essence in the installments space, recruit ability, and grow its item contributions. 

Established in 2015 by Rajan Bajaj and Siva Kumar Tangudu, the organization has brought $250 million up in value financing to date. This incorporates its $20 million financing round from Gunosy Capital and Blume Ventures in June, which esteemed the organization at $200 million, as per reports. 

"The thought was never to consume capital and secure clients strongly, however to set up a maintainable and vigorous business. We've kept our heads down in the underlying years and focussed exclusively on working on the customer venture and making a state of the art hazard guaranteeing framework," said Rajan Bajaj, CEO of Slice in the assertion. 

Cut as of late declared its Visa item with a constraint of Rs 2,000 for the new-to-credit populace in India. Aside from this, the organization issues advanced and actual prepaid VISA cards with a credit line like Visas. It additionally offers two percent cashback on exchanges and charge installment in portions. 

The startup professes to issue north of two lakh cards a month and has an enlisted client base of 50 lakh. 

Cut's item is enjoying some real success on the 'Purchase Now Pay Later' (BNPL) wave, which is set to develop to $45-50 billion by 2026 from $3-3.5 billion as of now, as per a report by statistical surveying firm, Redseer. The space has seen bigger installments occupants, for example, PayU, Paytm and Pine Labs multiplying down on the chance, aside from computerized loaning organizations like ZestMoney, CASHe, and Simpl.

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