[Funding alert] Fintech startup Slice raises Rs 39 Cr in debt funding

Bengaluru-based payments and credit startup SlicePay(formerly known as SlicePay) on Wednesday announced that it has raised Rs 39 crore in debt funding from multiple financial institutions. Some of them includes Vivriti Capital Private Limited, Northern Arc Capital Limited, InCred Financial Services Limited, Growth Source Financial Technologies Pvt Ltd, and Ashv Finance Limited.

The company will use this fresh fund infusion to grow its book and widen the reach of their credit solutions to youngsters across the country.

Founded in 2016 by Rajan Bajaj, Slice has built one-of-a-kind data-driven financial product – the Slice Card, which is a physical and virtual card, designed exclusively for young customers in India that includes freelancers, college students, and salaried professionals.

Commenting on this development, Rajan Bajaj, Founder and CEO, Slice, said,

“This capital will help us refuel our books and support the unmet financial needs of young Indians who form the social and economic fabric of our country. We want to be the first card for millions of millennials and Gen Z in India, and deliver a truly VIP customer experience to them."

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We are confident that our relationship with these institutions will help us collectively work towards empowering the next generation in taking a well informed step into financial freedom,” added Rajan.

Backed by leading VCs such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal's Navi alongside angel investors such as Kunal Shah, Slice says it has emerged as a preferred card of choice for Gen Z and millennials across 20 major cities in India.

It claims to have processed a transaction volume of Rs 1,100 crore to more than 260,000 youngsters since inception. 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.

Earlier in July 2020, the startup raised Rs 46 crore in a Pre-Series B round led by Japan-based investor Gunosy.