On Monday, in a statement India’s latest fintech unicorn Slice said, it had raised $220 million in a Series B funding round led by investment giant Tiger Global and private equity firm Insight Partners which valued the startup at more than $1 billion.

New and existing investors, include Blume Ventures, Sunley House Capital, Gunosy Capital and Moore Strategic Ventures, said Slice.

“A large part of the capital will not be used for burning but it’ll be used for scaling (up),” said Rajan Bajaj, the company’s founder and CEO.

He went on to add, Slice, which currently employs around 600 employees, will use the newly acquired funds to step up hiring in areas including design, engineering, data science, and to add new consumer products.

Currently Slice offers a credit card aimed at India’s burgeoning youth. Signing up and applying for the card is via its app on Google Store and on Apple’s app store.

Slice allows its users to split their bill into three interest-free monthly instalments, amongst its key features.

Currently, Slice has 5 million registered users on its app, said Bajaj.

The unicorn is also gearing up to launch payments on India’s Unified Payments Interface (UPI), a state-backed system which simplifies inter-bank money transfers and merchant payments, said Bajaj.

“What we are doing for cards today we are also going to do for consumer payments. We are launching our UPI product next,” said Bajaj.

Bajaj, an engineering graduate, founded Bengaluru-based Slice, in 2016.

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