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Payments and credits start-up slice has raised ₹46 crore in a pre-Series B funding round led by Japan-based investor Gunosy.
“This round also saw participation from US-based EMVC, Kunal Shah of CRED, Better Capital and existing investor Das Capital. This round of funding will help slice double its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards and have over five lakh users by the end of 2020-21,” slice said in a statement on Thursday.
Formerly known as SlicePay, the company was founded in 2016. It offers physical and virtual credit cards to young customers including freelancers, college students and salaried professionals. Apart from the slice card, it has also launched no-cost EMI vouchers and emergency cash loans to tackle and resolve the underlying problems of existing credit cards, said a company statement.
Rajan Bajaj, founder and CEO of slice, said: “As we accelerate towards our next phase of growth, support from new investors like Gunosy, EMVC, Better Capital and Kunal will be absolutely critical and will enable us in the mission of becoming the go-to fintech destination of Young India.”
Since March 2020, slice has been issuing cards at an annual run-rate of over four lakh new users. It has become profitable within four years of operations and is among the top 10 issuers of cards in India, the statement added.
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