Bengaluru-based payments and credit startup Slice (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.
Slice was founded in 2016 by Rajan Bajaj. It 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. 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.
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. 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.”
Earlier in July 2020, the startup raised Rs 46 crore in a Pre-Series B round led by Japan-based investor Gunosy. The company will use this fresh infusion of funds to grow its book and widen the reach of their credit solutions to youngsters across the country.