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Tiger Global to lead a round of over USD100M investment in Fintech Startup Slice

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Tiger Global will lead a round of over $100 million in the Bangalore-based fintech startup Slice. Other firms like Ribbit Capital, Insight Partners and Greenoaks are also engaging with the startup.

Slice is attempting to expand the market for credit cards in India.

Earlier this year, Slice has raised around $30 million in its equity financing rounds and was valued at under $200 million. Its investors include Gunosy Capital, Blume Ventures and Better Capital.

Only 30 million Indians today have a credit card. Many are not eligible to get a credit card and also the experience of signing up is too time consuming and the rewards don’t make up for it.

Slice has made it easier to get a card, and the signup process is swift. Slice has developed as one of India’s largest card-issuing firms in the past two years.

The startup launched a card with 2,000 Indian rupees as the default limit. In a separate announcement earlier, Slice said it issued 110,000 cards last month. The Rajan Bajaj founded startup has more than 3 million registered members.

Last week, the firm said that it is offering new hires a three-day week with steady pay and benefits to attract talent that wishes to work on other opportunities or do whatever else they like at the same time.

In recent quarters, Tiger Global has emerged as the most aggressive growth-stage investor in India. It has propelled many of the startups to the unicorn club.