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Indian credit card outfit Slice raises $220m

Indian credit card outfit Slice raises $220m

Slice, a fintech startup which offers card-based products to young Indians to help them build a better credit score, has raised $220 million in a Series B funding round that values the firm at over $1 billion.

The round was led by Tiger Global and Insight Partners and joined by Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.

The round comes just months after Slice closed a $20 million Seres A at a $200 million valuation.

The slice card is a pre-paid virtual and physical card that comes with a pre-approved credit line and an expense-tracking app. The firm is shipping about 200,000 cards a month to customers with a medium age of 27, according to TechCrunch.

The new funding will be used to make hires and add new products, beginning with support for India's UPI.

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