New Delhi, Jun 25, 2020: Fintech startup slice (formerly known as SlicePay) raises $6.08 million (Rs 46 crore) in funding led by Japan-based investor, Gunosy.
The pre-series B round also saw participation from US-based EMVC, Kunal Shah of CRED, Better Capital and existing investor, Das Capital, a statement said.
“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 5 lakh users by the end of fiscal 2021,” it added.
“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. 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,” Rajan Bajaj, founder and CEO of slice, said.
Founded in 2016, slice has built a data-driven financial product the slice card (a physical and a virtual card) designed exclusively for customers in India including freelancers, college students, and salaried professionals.
As of March 2020, it has been issuing slice cards at an annual run-rate of over 4 lakh new users. The company said it has become profitable within 4 years of operations.