Bengaluru-based funds and credit score startup slice (previously referred to as SlicePay) on Thursday introduced it has raised Rs 46 crore in a Pre-Collection B spherical led by Japan-based investor Gunosy.
The spherical additionally noticed participation from US-based EMVC, Kunal Shah of CRED, Higher Capital, and present investor Das Capital.
The funding will assist slice double its administration crew, discover banking partnerships to launch co-branded pay as you go playing cards and bank cards, and have over 5 lakh customers by the tip of FY21, the corporate mentioned.
Rajan Bajaj, Founder and CEO, slice, mentioned,
“We are inventing the future of finance for young Indians who want to understand and relate to financial products just like they would with Snapchat and Instagram. As a young team, we understand this consumer very well, and in the last four years, our primary focus has been making youngsters’ financial experience fun and seamless.”
Based in 2016 by Rajan Bajaj, slice has constructed a one-of-its-kind data-driven monetary product – the slice card, a bodily and a digital card, designed solely for younger clients in India that features freelancers, faculty college students, and salaried professionals.
As of March 2020, slice has been issuing slice playing cards at an annual run-rate of over 4 lakh new customers and has an NPS of over 70. It claims to have turn into worthwhile inside 4 years of operations and is among the many prime 10 issuers of playing cards in India.
Yuki Maniwa, Director of Gunosy, added,
“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.”
In accordance with the corporate, the Indian bank card market has grown quickly within the final 5 years, with round 30 million distinctive customers and 5 million energetic new bank card customers yearly. slice mentioned it has been one of many early gamers within the card phase working in the direction of the necessity and demand of the kids between the age of 18–29 12 months. It’s current throughout 18 cities in India together with Bengaluru, Mumbai, Chennai, and Delhi.
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