Slice, which was valued at under $200 million in a financing round in June this year, has raised $220 million fundraise that values it at over $1 billion, the startup said.

Insight Partners and Tiger Global co-led the Bangalore-based startup’s Series B round. Moore Strategic Ventures, Sunley House Capital, Anfa and existing invetsors Blume Ventures, Gunlosy and 8i also participated in it.

Slice is one of the market leading card-issuing firms in India that are aimed at tech-savvy young professionals in the country. “These users have been on Instagram and Snapchat for years,” said Bajaj of Slice customers.

“The bar for consumer design is very high for them. We don’t have to educate them on how to navigate the app. It’s intuitive for them. They want simplicity and transparency,” he said.

The medium age of Slice customers is 27, which is also about the age of the team members at Slice who are building the app, he said.

“Slice has built a product that customers love, which we expect will result in continued growth and market share gains,” said Alex Cook, a partner at Tiger Global, in a statement. “We are excited to partner with Rajan and the team as they expand and access to credit and deliver best-in –class customer experience.”

“It has become second nature for us to jump between identities whether we are online or offline. What if we stop and think about one ID that can be used everywhere and is fully controlled by you? Picture an ID that can be used to accept payments, do KYC, make investments, apply for visa, rent a car or even create a unique link to all of your brand’s social presence online-without any censorship," Bajaj said in a post.