Slice, a Fintech firm that gives numerous card-based merchandise to younger folks in India to assist handle their credit score scores, has secured $6 million in capital by way of a spherical led by Japanese enterprise capital agency, Gunosy.
Different traders that took half within the spherical included US-headquartered EMVC, a Fintech VC agency investing in India and different rising markets; Kunal Shah from Cred; Higher Capital; and current investor Das Capital.
As talked about on the corporate’s web site:
“Millennials – we get it! Slice is a fintech startup focused on India’s youngsters. We aim to build a smart, simple, and transparent financial platform to redesign the financial experience for the millennials.”
The corporate says that younger folks would be the ones who will “make all the difference tomorrow.” That’s why it’s vital to serve this key market phase, the Fintech agency notes.
“We believe that personalization combined with an extreme focus on superior customer service is the key to build long-lasting relations with young people.”
Slice stated the corporate will use the funds raised to rent further administration workers. The corporate can be planning to discover strategic banking partnerships, with the intention to introduce co-branded pay as you go playing cards and bank cards. Slice goals to onboard greater than 500,000 clients by the top of subsequent 12 months.
The Slice card is a pay as you go digital and bodily card. It reportedly comes with a pre-approved line of credit score and an app for maintaining monitor of every day bills.
Slice has maintained a presence in 18 completely different Indian cities. The Fintech primarily serves younger freelance employees, faculty or college college students, and likewise salaried professionals. The corporate claims it has round 250,000 customers.
Yuki Maniwa, Director of Gunosy, said:
“We believe Slice has a sustainable advantage as it has decoded young credit users’ demands and has built a deep understanding of credit risk and low-cost distribution using technology. We are happy to work closely with Slice as they continue to transform the credit landscape in India”.