A number of monetary establishments together with Vivriti Capital, Northern Arc Capital and InCred Monetary Companies anticipated within the spherical
Based in 2016 by Rajan Bajaj, slice (earlier Slicepay) is a fintech startup providing credit score options solely for younger shoppers between the ages of 18 and 29
slice had raised INR 46 Cr ($6.07 Mn) in a pre-Sequence B spherical of funding led by Japan-based investor Gunosy in June this yr
Bengaluru-based fintech platform slice on Wednesday mentioned it has obtained INR 39 Cr in debt funding from a number of monetary establishments together with Vivriti Capital, Northern Arc Capital and InCred Monetary Companies.
Progress Supply Monetary Applied sciences, Ashv Finance and others additionally participated, an announcement mentioned.
Raised by Quadrillion, a non-banking monetary firm (NBFC) and a wholly-owned subsidiary of slice, the funds can be used to develop its e book and widen the attain of credit score options to kids throughout the nation.
“This capital will help us refuel our books and support the unmet financial needs of young Indians who form the social and economic fabric of our country. We want to be the first card for millions of millennials and Gen Z in India and deliver a truly VIP customer experience to them,” slice founder and CEO Rajan Bajaj mentioned.
slice had raised INR 46 Cr ($6.07 Mn) in pre-Sequence B spherical of funding led by Japan-based investor Gunosy in June this yr. Earlier in Might, Inc42 solely reported that the corporate authorized the supply to boost fairness and debt from Gunosy Inc price INR 22.49 Cr in a board decision on Might 11.
Based in 2016 by Rajan Bajaj, slice (earlier Slicepay) is a fintech startup providing credit score options solely for younger shoppers between the ages of 18 and 29. The corporate has additionally launched a funds card in collaboration with Rupay known as Slice Card, which comes with a pre-approved credit score line.
The cardboard has been designed to particularly serve graduate college students and younger professionals like startup workers, gig employees, freelancers and small enterprise house owners who’re sometimes underserved by banks. Slice card has a minimal credit score restrict of INR 4K and goes as much as INR 60Okay for college students or INR 1 Lakh for working professionals and freelancers.
Slice is backed by companies resembling Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Enterprise Accomplice, EMVC, Tracxn Labs, Higher Capital, Sachin Bansal’s Navi alongwith angel buyers like Kunal Shah.
The Indian bank card market has grown quickly within the final 5 years, with round 30 Mn distinctive customers and 5 Mn lively new bank card customers yearly. As per Inc42Plus, the credit score demand in India is projected to be price $1.41 Tn by 2022. The estimated progress charge in credit score demand is 3.73% between FY17 and FY22.
