Homegrown fintech startup Slice announced on Monday that it had raised $220 million in a Series B funding round led by Tiger Global and private equity firm Insight Partners. The round valued the company at more than $1 billion.
Slice said the round included new and existing investors, including Advent International's affiliate Sunley House Capital, investment firm Moore Strategic Ventures, Japan's Gunosy Capital, and India's Blume Ventures.
Slice, which employs approximately 600 people, will use the new funds to expand hiring in areas such as engineering, design, and data science, as well as to introduce new consumer products, he said.
Slice is currently marketing a credit card to India's youth. Signing up and applying for the card is entirely digital – through the card's app on Google's Android and Apple's app stores. The Slice card's key feature is the ability for users to split their bill into three interest-free monthly installments.
Slice is also preparing to launch payments via Unified Payments Interface (UPI). Paytm, GPay, and PhonePe are currently the leading players in the country offering UPI-based payments.