India gets its next FinTech unicorn through credit card company Slice

India-based credit card company Slice has reportedly reached the unicorn status, following the close of a $220m funding round.

The investment, which values Slice at more than $1bn, was co-led by Tiger Global and Insight Partners, according to a report from TechCrunch. Commitments also came from Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures and 8i.

Despite the round’s close, TechCrunch’s source claims the round could extend to $250m.

The capital injection will enable Slice to expand its product offering, with it planning to release support for UPI, a payments railroad built by a network of retail banks. Slice is also exploring new cards, including one aimed at teenagers.

In September, Slice launched a card that offered a credit limit from Rs 2,000 ($27), which was aimed at the 200 million people in India that struggled with online transactions, it said.

Slice is allegedly operating with an annual revenue runrate of over $60m.

The company’s credit card is used by over five million people in India, and boasts 2% cashback on transactions, bill splitting across three months, and an app to monitor spending.

The FinTech company has had a stellar year for growth, having only been valued at under $200m in June this year, following a $20m fundraise.

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