Bengaluru-based payments and credit startup slice (formerly known as SlicePay) on Thursday announced it has raised Rs 46 crore in a Pre-Series B round led by Japan-based investor Gunosy.
The round also saw participation from US-based EMVC, Kunal Shah of CRED, Better Capital, and existing investor Das Capital.
The funding will help slice double its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards, and have over five lakh users by the end of FY21, the company said.
Rajan Bajaj, Founder and CEO, slice, said,
“We are inventing the future of finance for young Indians who want to understand and relate to financial products just like they would with Snapchat and Instagram. As a young team, we understand this consumer very well, and in the last four years, our primary focus has been making youngsters' financial experience fun and seamless.”
Founded in 2016 by Rajan Bajaj, slice has built a one-of-its-kind data-driven financial product – the slice card, a physical and a virtual card, designed exclusively for young customers in India that includes freelancers, college students, and salaried professionals.
As of March 2020, slice has been issuing slice cards at an annual run-rate of over four lakh new users and has an NPS of over 70. It claims to have become profitable within four years of operations and is among the top 10 issuers of cards in India.
Yuki Maniwa, Director of Gunosy, added,
“We believe slice has a sustainable advantage as it has decoded young credit users’ demands and has built a deep understanding of credit risk and low-cost distribution using technology.”
According to the company, the Indian credit card market has grown rapidly in the last five years, with around 30 million unique users and five million active new credit card users annually. slice said it has been one of the early players in the card segment working towards the need and demand of the youngsters between the age of 18–29 year. It is present across 18 cities in India including Bengaluru, Mumbai, Chennai, and Delhi.
(Edited by Megha Reddy)
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