Herbert Smith Freehills has advised Australian fintech startup Slice on its A$7.5 million Series Seed capital raise led by Peak XV Partners and a A$10 million debt facility from Roadnight Capital.
Slice offers a lay-by payment solution for travellers, allowing them to lock-in flight prices and pay in instalments before they travel. The company also provides a B2B product for travel agents, enabling them to offer the Slice payment option to their customers.
The transaction positions Slice for further growth including in the US market.
The Herbert Smith Freehills team was led by partner Elizabeth Henderson, who was supported by senior associates Adam Ong and Roy Carbone, and solicitors Celine Nalbandian and Esther Adeyinka. Partner Phil McMahon and senior associate Edward Kerr advised on the debt facility. The team worked across the firm’s Sydney, Melbourne and Brisbane offices.
Adam Ong said, “We feel very privileged that Slice’s co-founders Farouk and Yannick trusted us with their first institutional capital raise. As a bootstrapped company for many years, it was great working with them to bring on this external capital to allow them to continue to build their various product offerings and assist their customers further”.
Slice co-founder Yannick Darmalingam said, “It was a pleasure working with the team at Herbert Smith Freehills. Navigating our first institutional round, we greatly appreciate their expertise and guidance throughout the process. This funding enables us to further our mission of making travel accessible for our customers, and we look forward to continuing our journey with their support”.
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings in the emerging tech sector and fintech transactions. Other recent examples include:
- Constantinople on its A$50 million Series A capital raise and A$32 million Series Seed capital raise.
- Deputy Group on its A$111 million Series B capital raise and its strategic investments from Xero and Express Employment Professionals.
- Infravision on its A$36m Series A capital raise.
- Investors in significant 2024 capital raises including by Hysata, Samsara Eco, Kismet, Gilmour Space Technologies and National Renewable Network.
