Slice, a card-based lending and payment platform, has secured $50m in Series C investment led by Tiger Global.

Existing backers Moore Strategic Ventures and Insight Partners too joined the round along with new Japanese investor GMO Venture Partners.

Slice intends to use the funds to strengthen its balance sheet besides expanding its UPI offering.

While the company did not announce its valuation following the funding round, Slice is anticipated to be valued at more than $1.5bn, reported The Economic Times citing people privy to the development.

Last year in November, the company joined the unicorn club after raising $220m from Tiger Global and Insight Partners.

Slice founder and CEO Rajan Bajaj was quoted by the publication as saying: “Investors continue to back businesses which are doing well.

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“We were well-capitalised from the previous round and have raised the round to grow our UPI product and shore up our balance sheets. Since it was a smaller transaction we were not in touch with a lot of investors.”

In 2016, Slice was established as a fintech firm with a focus on youngsters in India.

The startup intends to build a smart, simple, and transparent financial platform.

At present, Slice operates a non-banking finance company (NBFC) as well as offers co-branded credit cards in collaboration with SBM Bank.

The company has a client base of over 12 million, with a large part being salaried professionals.