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Bengaluru-based fintech unicorn Slice has raised $50 million from Tiger Global and investors including Moore Strategic Ventures, Insight Partners, and GMO VenturePartners as part of its Series C round, it said on Wednesday.

According to a source familiar with the fundraise, the $50 million capital infusion raises Slice’s valuation to $1.5 billion, although it could vary once the round finally closes.

The startup, founded by Rajan Bajaj, ex-Flipkart, will use the proceeds to expand its new UPI product, it said in a press release.

Slice was last valued at $1 billion when it raised $220 million from Tiger Global and Insight Partners in November 2021. The round also saw participation from notable angel investors Guillaume Pusaz and Binny Bansal, as well as new and returning investors such as Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.

“We have really struck a chord culturally with millennials and Gen Zs nationwide in the last couple of years…excited about the long journey that lies ahead of us,” said Rajan in a statement.

Positioning itself as a “credit card challenger”, Slice essentially issues credit cards targeted at young professionals and new-to-credit users who may not have any credit scores. It takes a contrarian view versus traditional banks when it comes to issuing credit cards by basing its underwriting on the way a consumer spends versus their credit history and score.

The startup has seen immense traction. It currently has over 12 million registered users, and recently launched UPI for its credit product.

Slice has claimed in a previous press release that it has over 10 million waitlisted customers.

“Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market,” said Alex Cook, partner at Tiger Global.