[Funding alert] Fintech startup slice raises Rs 75.5 Cr in debt round
slice, a fintech startup and India’s first credit card challenger, on Thursday announced that it has raised Rs 75.5 crore in debt in Q1FY22 from multiple financial institutions such as Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India, and Vivriti Capital to name a few.
Commenting on this, Rajan Bajaj, Founder and CEO, slice, said,
“The banking industry in India often views credit cards as a loan product instead of a high-frequency payment instrument. Therefore, banks’ main focus is to optimise the fees and portfolios while overlooking the experience. However, we see slice card as a classic payment product, and we are solving it as a customer experience problem with a customer-centric approach in mind.”
“I’d have to say, it is like creating art to rebuild a classic payment product coupled with the new-age understanding of consumer experience. It requires great design, a great pool of talent, and in-depth insights into our consumer’s language which are our foundations. This fundraiser is a testament to the strength and success of slice’s products at scale, our strong fundamentals, and our high-value potential. We are thankful for the trust that our investors have placed in slice’s mission of making payments simple,” he further added.
Slice super card
With more than three million registered users and a 30 percent month-on-month growth, the Bengaluru-based payments and credit startup had launched an instant rewards programme, and 'slice in 3' feature in June 2021. slice in 3 is a pioneer feature that allows users to convert their monthly bills into three months without any extra cost. Post the launch, slice has witnessed skyrocketing growth in monthly new card issuance, making it the third-largest card issuer in the country, claims the startup.
Along with the launch, the startup had also raised $20 million to compete against the credit card industry in India.