Slice, a fintech unicorn, completes ESOP buybacks worth Rs 65 crore

Slice had in November last year raised $220 million in a Series-B round that valued the fintech company at over $1 billion

Fintech unicorn Slice has completed an ESOP buyback worth Rs 65 crore, the company said on Monday. Around 60 of both former and existing employees, holding vested stocks in the company, are eligible for the buyback.

In November last year, Slice had raised $220 million in a Series B round that valued the company at over $1 billion. The company issues prepaid visa cards with a credit line that allows users to get credit card-like benefits as well as build their credit score. The company claimed to have more than 7 million registered users with a 40 per cent month-on-month growth rate.

Slice’s founder and CEO Rajan Bajaj said, “This buyback plan is our little way of saying “thank you” to our teams who have not only contributed to slice but also to the larger financial ecosystem. I cannot help but feel grateful for this opportunity to give back to the people who have shared the same vision and got on the journey from early on."

The  company aims to launch its UPI product in 2022 to further enhance the payments experience of the millennials and Gen-Z in India. Backed by investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures and Gunosy Capital, Slice has cumulatively raised $270 million since inception.