The company was previously valued at $1B in November 2021. Here are the top-line bullets you need to know.
Slice, a virtual credit card provider, has raised $50M in a Series C. The round drew participation from GMO VenturePartners, Insight Partners, Moore Strategic Ventures, and Tiger Global Management.
How’s the company performing?
- India-based Slice offers a virtual credit card and a physical credit card to young consumers in India.
- It offers 2% cashback as well as buy now, pay later (BNPL) services.
- The company states that it has a registered user base of 12M.
- It has an average revenue run rate (ARR) of $100M and processes $265M in gross transaction value (GTV) each month.
- Slice added support for unified payments interface (UPI) payments last month.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- Covid-19 has also accelerated the adoption of digital lending services across sectors.