Fintech startup Slice raises $20 million from Gunosy and Blume Ventures at over $73.7 million evaluation

Bangalore-based Fintech startup Slice has acquired $20 million in investment funding from their present investors Gunosy and Blume Ventures at an undisclosed estimate. The credit card platform allows customers’ flexibility in handling credit card bills and reward points on transactions. In addition to this, the Slice has also launched two new features, which, the startup said, makes the slice super card the most suitable fashion for millennials and gen z to make payments.

Company’s Profile

Slice is India’s best credit card challenger to settle bills, handle expenses, and unfasten instant rewards. It is reinventing how standard credit cards work by allowing a transparent and straightforward app to support our members to transact smoothly. 

Slice has seen a rapid increase since the launch of its card in 2019. The firm presently has over 3 million registered users with an average age of 23 and consistently improves at 25 % month-on-month. The startup said the Slice super card comes with no concealed charges, joining fees, or annual fees. It is likewise accepted at 99.95 % of clients across the nation that accept Visa.

Purpose of Investment

Slice will utilise the funds to diversify its contributions and expand its team, said founder and chief executive Rajan Bajaj.

Rajan Bajaj, founder and CEO, said the banking enterprise in India has always seen credit cards as a loan commodity rather than a high-frequency payment device. Therefore, banks’ principal focus is to optimise the fees associated with credit cards, and there are portfolio crews to expand the loan book.

“This overlooks the customer experience to the corner,” said Bajaj. “However, we perceive it as a paid product, and we are interpreting it as a consumer experience difficulty with a ‘customer-first approach in mind,” Bajaj said any little friction in the product experience could lead to a significant amount of decrease in market size, which is happening in India now.

Now, Slice members can get up to 2 % rewards on each card transaction, which are directly redeemable to cash. Members can slice their card bills over three months for loose, which indicates they can get up to 90 heydays interest-free term.

What the Investors have to say

Shinji Kimura, Chairman and CEO, Gunosy Inc, said, “Slice’s most prominent advantage is how strongly they understand Millennials, and Gen Z. Their method to solving their concerns has been truly refreshing, and building something easy and hassle-free has been a piece of their DNA since its commencement. The slice super card can radically change the way the succeeding generation thinks about the idea of credit cards altogether, and we, at Gunosy, are glad to be a member of their growth story.“

What the CEO have to say

“We gather 400 million Indians who are eligible for a credit card, but we merely have 30 million sole customers in the country. This strategy gives us an influential word of mouth among our clients. It has directly resulted in our customer acquisition value being ten times lower than banks, which then becomes an eminent competitive advantage.”

The Bengaluru-based startup is amongst a growing horde of credit card-based utility payments startups that have progressed its traction rate on the stern of the pandemic-led digitisation of the consumer ecosystem.

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