Indian FinTech Slice Hits Unicorn Status

Slice, the India-based FinTech providing credit cards, has become a unicorn as of a new $220 million Series B, which values the company at over $1 billion.

Slice originally began as a Buy Now, Pay Later product but has changed to offer credit cards in an attempt to close a gap in the market.

With the service, users are able to sign up and get a digital “super card,” or a prepaid Visa with a credit line, and then get a physical card sent to their house.

Slice ships around 200,000 cards a month and allows users to cut the bills into three monthly installments.

“Our burn is very low compared to other consumer startups and we are going to use the funds to hire more product and design talent and focus on making more products that are best-in-class in terms of user experience,” Rajan Bajaj, founder and CEO of Slice, told TOI. “Our superior product experience has made us the most popular alternative to existing credit cards. We have a net promoter score of over 75 today — much higher than most banks.”

PYMNTS reports that Slice has bolstered its credit card offering with a new limit of 2,000 rupees, or around $27 – a massive decrease from the prior amounts.

Read more: Indian FinTech Slice Drops Card Limit, to Add UPI Payments as Part of Expansion

According to founder and CEO Rajan Bajaj, the idea was to add more eligible customers, as there had been large numbers of customers on its waiting list – with the 2,000 rupee credit limit the only one any of them could qualify for.

Now customers will be able to access higher credit limits as they use the card and repay.

The company has said it wants to debut United Payments Interface transactions before the year’s end, and it also wants to roll out its services for consumer businesses.

But Bajaj said the main focus is still on the current product and the UPI.