Fintech Startup slice Lifts INR 46 Cr Led By Japan’s Gunosy

June 5th, 2020

Bengaluru-based credit and payment startup slice (formerly known as SlicePay), has announced that it has bagged INR 46 crore in pre-Series B round led by Tokyo-based Gunosy. The recent investment will help slice to two-fold its management team alongside exploring its banking partnerships for the launch of its co-branded prepaid cards and credit cards. It also plans to expand more than 5 lakh users on its platform by the end of FY2021.

New investors such as Kunal Shah of CRED, a Bengaluru-based financing services, the US-based venture capital firm, EMVC, and the US-based financing services, Better Capital. The existing investors, such as Japan-based venture capital firm, Das Capital, also participated in slice's pre-Series B round.

In 2016, Deepak Malhotra and Rajan Bajaj founded slice as a one-of-its-kind data-driven financial product – the slice card. It is the virtual and physical card exclusively designed for young Indian customers, including college students, freelancers, and salaried professionals. The firm claims that for the last 2 years, the startup has expanded vastly. From March 2020, it started issuing slice cards at an annual run-rate of more than 4 lakh new users and offered an NPS of more than 70.

Fintech Startup slice Lifts INR 46 Cr Led By Japan’s Gunosy

In a statement, the startup has mentioned that it is one of the top 10 card issuers in India, and within 4 years, it has become profitable.

The Indian credit card market has grown swiftly in the past 5 years, with roughly 30 million unique users and 5 million active new credit card users yearly basis.

Announcing the funding, slice founder Rajan Bajaj said, we are inviting on-board the future of finance for young Indians, who wish to understand and relate to financial products just like they relate and understand Instagram and Snapchat. Bring a young team, we know today's consumer very well, and the previous 4 years, our primary focus has been engaged in making youngsters' financial experience seamless and fun. As we move towards the next phase of growth, support from new investors like EMVC, Gunosy, Better Capital, and Kunal would be genuinely critical, and it would also enable us in the mission of becoming the go-to fintech destination of young India.