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Rajan Bajaj, founding father of fintech Slice, chimed in on a Twitter thread earlier this 12 months and puzzled aloud what he must do to show his startup right into a unicorn earlier than he turns 30.
At simply 28, Bajaj has figured it out.
Slice, which was valued at below $200 million in a financing spherical in June this 12 months, has joined the unicorn membership with a contemporary $220 million fundraise, the startup stated on Monday.
Tiger International and Perception Companions co-led the Bangalore-based startup’s Sequence B spherical. Personal fairness agency Creation Worldwide’s Sunley Home Capital, Moore Strategic Ventures, Anfa, and present buyers Gunosy, Blume Ventures, and 8i additionally participated within the spherical.
TechCrunch reported early final month that Tiger International and Perception International have been in talks to again Slice. A supply accustomed to the matter advised TechCrunch that the spherical may develop additional to $250 million.
Slice has established itself as one of many market main card-issuing corporations in India. The startup presents plenty of playing cards which are geared toward tech-savvy, younger professionals within the nation.
Picture credit: Slice
And it’s an enormous market.
Regardless of practically a billion Indians having a checking account, solely a tiny fraction of this inhabitants is roofed by the South Asian nation’s younger credit standing system. As we’ve outlined previously, Indian banks closely depend on archaic methodologies to find out a person’s creditworthiness and whether or not they deserve a bank card.
Slice makes use of its personal underwriting system. Such is the boldness it has in its underwriting system that in September this 12 months, it launched a card with $27 restrict to faucet into the nation’s 200 million inhabitants. In an interview with TechCrunch, Bajaj (pictured above) stated the brand new card is gaining quick traction, however declined to share any figures.
The startup presents its clients a spread of options reminiscent of the power to pay the invoice in three curiosity free instalments and entry to reductions on buy with scores of manufacturers. Slice says it’s issuing over 200,000 playing cards every month. With this, it has develop into the third largest card issuer in India after two banks, in line with an individual accustomed to the matter.
“Slice has constructed a product that clients love, which we count on will lead to continued progress and market share positive aspects,” stated Alex Cook dinner, a associate at Tiger International, in a press release. “We’re excited to associate with Rajan and the group as they broaden entry to credit score and ship best-in-class buyer expertise.”
On the enterprise entrance, the startup is clocking at an annual income runrate of over $60 million.
It is a growing story. Extra to comply with…
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