India-based Slice, an innovative, simple, and transparent financial platform based on millennials’ credit card payments raised USD 220 million on 29th November.
Investors: The investment round was led by Tiger Global and Insight Partners. In addition to the new and existing investors, Flipkart founder Binny Bansal participated with Moore Strategic Ventures, Anfa, Gunosy, 8i, Blume Ventures, and Anfa.
Purpose of funding: The startup plans to employ great talent, expand its product offerings, and expand its presence in the payments space. Along with growing the loan book, the latest investments will also partially fund the company’s non-banking financial company (NPFC) arm.
About Slice
Founded in 2016 by Rajan Bajaj and Deepak Malhotra, Slice is located in Bangalore, India. Slice is an innovative, simple, and transparent financial platform based on millennials’ credit card payments. It focused on young people today who will lead the way for tomorrow. The Slice app allows users to take care of their bills, manage expenses, and earn rewards. The service is targeted towards new generation millennials and Gen Z, with an average age of 27, whom large banks have denied mainly credit cards because of poor credit scores around this demographic. During the first nine months of this year, Slice has increased its credit card issuances tenfold, from 20,000 to close to 200,000. The app has nearly five million users.
What the founder has to say
“Since the inception of the company, we’ve held a considerably different point of view from a typical startup. The idea has never been to burn capital and acquire users forcefully, but to set up a sustainable and robust business. We’ve kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system,” said Rajan Bajaj, founder and CEO at Slice.
What the investors have to say
“Slice has built a product that customers love, which we expect will result in continued growth and market share gains. We are excited to partner with Rajan and the team as they expand access to credit and deliver best-in-class customer experience,” said Alex Cook, partner at Tiger Global.
“Slice targets an under-penetrated market in India and seamlessly allows users to make online payments, pay bills and more. There is a large opportunity in the credit and payment space in India, and Slice is well-positioned to become the leader in the industry. We look forward to this partnership with Slice as they continue to scale up and grow,” said Deven Parekh, managing director at Insight Partners.
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