Fintech Startup Slice raises $20 million from Gunosy, Blume Ventures & Others
Slice (formerly SlicePay) has raised $20 million to compete with India's credit card industry. Gunosy and Blume Ventures, among other existing investors, took part in the fundraising.
In addition, the Bengaluru-based payments and credit startup debuted two new features today: the first feature is that slice rewards, which allow members to earn up to 2percent back on every card transaction and are instantly redeemable for cash, and the other one is slice in 3, where members can spread their card bills over three months for free, giving them up to 90 days of interest-free time, the industry's longest.
Slice is a fintech startup founded in 2016 by Rajan Bajaj that offers credit solutions exclusively to young consumers between the ages of 18 and 29. In addition, the company has launched a payments card called slice card in collaboration with Rupay, which comes with a pre-approved credit line.
Commenting on the new developments, Rajan Bajaj, Founder, and CEO, slice, said, the banking industry in India has always viewed credit cards as a loan product rather than a high-frequency payment instrument. Therefore, banks’ main focus is to optimise the fees related to credit cards, and there are portfolio teams to increase the loan book. This leaves the customer experience in the corner. However, we see it as a payments product, and we are solving it as a consumer experience problem with a customer-first approach in mind."
"It has directly resulted in our customer acquisition cost being 10 times lower than banks, which becomes a great competitive advantage. We are, therefore, able to pass on the benefits to our users via these game-changing offerings,” he added.
Since the launch of its card in 2019, Slice claims to have over three million registered users, with a month-on-month growth rate of 25%.
The slice super card, which has no hidden fees, joining fees, or annual fees, is accepted at 99.95 percent of Visa merchants in India. Slice claims that with these new developments, it intends to take on the credit card industry.
“Slice’s biggest advantage is how well they understand Millennials and Gen Z. Their approach to solving their issues has been truly refreshing and building something simple and hassle-free has been a part of their DNA since inception. The slice super card has the potential to fundamentally change the way the next generation thinks about the concept of credit cards altogether, and we, at Gunosy, are glad to be a part of their growth story,” says, Shinji Kimura, Chairman, and CEO, Gunosy Inc.
In addition, the Bengaluru-based payments and credit startup debuted two new features today: the first feature is that slice rewards, which allow members to earn up to 2percent back on every card transaction and are instantly redeemable for cash, and the other one is slice in 3, where members can spread their card bills over three months for free, giving them up to 90 days of interest-free time, the industry's longest.
Slice is a fintech startup founded in 2016 by Rajan Bajaj that offers credit solutions exclusively to young consumers between the ages of 18 and 29. In addition, the company has launched a payments card called slice card in collaboration with Rupay, which comes with a pre-approved credit line.
Commenting on the new developments, Rajan Bajaj, Founder, and CEO, slice, said, the banking industry in India has always viewed credit cards as a loan product rather than a high-frequency payment instrument. Therefore, banks’ main focus is to optimise the fees related to credit cards, and there are portfolio teams to increase the loan book. This leaves the customer experience in the corner. However, we see it as a payments product, and we are solving it as a consumer experience problem with a customer-first approach in mind."
"It has directly resulted in our customer acquisition cost being 10 times lower than banks, which becomes a great competitive advantage. We are, therefore, able to pass on the benefits to our users via these game-changing offerings,” he added.
Since the launch of its card in 2019, Slice claims to have over three million registered users, with a month-on-month growth rate of 25%.
The slice super card, which has no hidden fees, joining fees, or annual fees, is accepted at 99.95 percent of Visa merchants in India. Slice claims that with these new developments, it intends to take on the credit card industry.
“Slice’s biggest advantage is how well they understand Millennials and Gen Z. Their approach to solving their issues has been truly refreshing and building something simple and hassle-free has been a part of their DNA since inception. The slice super card has the potential to fundamentally change the way the next generation thinks about the concept of credit cards altogether, and we, at Gunosy, are glad to be a part of their growth story,” says, Shinji Kimura, Chairman, and CEO, Gunosy Inc.
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