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slice, a fintech startup & India’s first credit card challenger, today announced that it has raised INR 75.5 crores in debt in Q1FY22 from multiple financial institutions like, Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India, & Vivriti Capital to name a few.
Launched in 2019, slice card observed an immediate product-market fit, becoming extremely popular among tech-savvy millennials and Genz consumers. To further enhance the experience, slice launched an instant rewards program & slice in 3 feature in June 2021. slice in 3 is a pioneer feature in the industry, which allows users to convert their monthly bills into 3 months without any extra cost. Post the launch, slice has witnessed skyrocketing growth in monthly new card issuance making it the 3rd largest card issuer in the country.
Commenting on this, Rajan Bajaj, Founder & CEO, slice, said, “The banking industry in India often views credit cards as a loan product instead of a high-frequency payment instrument. Therefore, banks’ main focus is to optimize the fees and portfolios while overlooking the experience. However, we see slice card as a classic payment product, and we are solving it as a customer experience problem with a customer-centric approach in mind.”
“I’d have to say, it is like creating art to rebuild a classic payment product coupled with the new-age understanding of consumer experience. It requires great design, a great pool of talent, & in-depth insights into our consumer’s language which are our foundations. This fundraiser is a testament to the strength and success of slice’s products at scale, our strong fundamentals, and our high-value potential. We are thankful for the trust that our investors have placed in slice’s mission of making payments simple,” he further added.
With more than 3M registered users & a 30% month-on-month growth, slice is revolutionizing the payments & credit space in India. The slice super card comes with no hidden charges, joining fees, or annual fees. It is also accepted at 99.95% of merchants across the country that accept Visa.