Fintech company Slice raises $50 million led by Tiger Global, aims to boost its new UPI product

Fintech company slice on Wednesday said it has raised $50 million as part of its larger series C round led by Tiger Global, adding that it will use new capital to boost its new unified payments interface (UPI) product.

The latest funding round also saw participation from existing investors Moore Strategic Ventures and Insight Partners, and a new investor, GMO VenturePartners.

The leading credit card challenger last month launched the integration of UPI into its app for all its existing and waitlisted users in a phased manner.

"Our next important product launch with UPI has been gaining strong early traction. We are excited about the long journey that lies ahead of us," said Rajan Bajaj, Founder-CEO, slice.

In November last year, slice entered the unicorn club after raising $220 million in its Series-B fundraise co-led by Tiger Global and Insight Partners.

"slice is leading the way for innovation, customer experience, and growth in India's rapidly developing payments market," said Alex Cook, Partner, Tiger Global.

Similar to other UPI apps, slice users can now create a UPI account on the slice app by linking it to their bank accounts. With andy (&ID), the unique ID on slice, users will be able to make payments just by searching for the &ID.

Earlier, only slice's credit users could enjoy its simple and intuitive experience.

By extending UPI services to its 10 million waitlisted customers, the company will now be able to provide them with an equally superior experience.