slice Raises INR 75.5 Cr Debt Funding From Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India And Vivriti Capital Post the launch, slice has witnessed skyrocketing growth in monthly new card issuance making it the third-largest card issuer in the country, the startup claims
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slice, a fintech startup and credit card challenger, on Thursday, announced that it has raised INR 75.5 crore in debt in Q1FY22 from multiple financial institutions like, Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India, and Vivriti Capital to name a few.
Launched in 2019, slice card observed an immediate product-market fit, becoming extremely popular among tech-savvy millennials and Gen Z consumers. To further enhance the experience, slice launched an instant rewards program and slice in 3 feature in June 2021.
slice in 3 is a pioneer feature in the industry, which allows users to convert their monthly bills into 3 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, the company claims.
"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 optimize 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," said Rajan Bajaj, founder and chief executive officer, slice.
"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," Bajaj further added.
With more than 3 million registered users and a 30 per cent month-on-month growth, slice has been said to be revolutionizing the payments and credit space in India. The slice super card comes with no hidden charges, joining fees, or annual fees. It is also accepted at 99.95 per cent of merchants across the country that accepts Visa.