Founded in 2016, the startup offers Slice Card that now has more than 3 million registered users and is witnessing a 30 per cent month-on-month growth
Fintech startup Slice on Thursday said it has raised Rs 75.5 crore in debt in the first quarter of FY22 from multiple financial institutions. These institutions include Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India and Vivriti Capital among others, a statement said. Founded in 2016, the startup offers Slice Card that now has more than 3 million registered users and is witnessing a 30 percent month-on-month growth.
Slice is backed by VCs like 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. Rajan Bajaj, founder and CEO of 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,’ he added. This fundraiser is a testament to the strength and success of Slice’s products at scale, the company’s strong fundamentals, and its high-value potential, Bajaj said.
Source: Business World