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Indian fintech startup slice raises $6 million

Indian fintech startup slice raises $6 million

Slice, a fintech startup which offers card-based products to young Indians to help them build a better credit score, has raised $6 million in a funding round led by Japanese VC Gunosy.

The round also saw participation from US-based EMVC, Kunal Shah of Cred, Better Capital and existing investor Das Capital.

Slice says it intends to use the capital to double its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards and to reach over 500,000 users by the end of FY21.

The slice card is a pre-paid virtual and physical card that comes with a pre-approved credit line and an expense-tracking app.

The firm, which has a presence in 18 cities across India catering to freelancers, college students, and salaried professionals, has racked up 250,000 users.

Talking about the investment in slice, Yuki Maniwa, Director of Gunosy says: “We believe slice has a sustainable advantage as it has decoded young credit users’ demands and has built a deep understanding of credit risk and low-cost distribution using technology. We are happy to work closely with slice as they continue to transform the credit landscape in India”.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 26 June, 2020, 14:24Be the first to give this comment the thumbs up 0 likes

I once appealed to fintechs to sell what consumers want. Slice "Credit Card" seemed just that product. I signed up as soon as I heard about it. But, when I reached its App Permissions screen, I hit the DECLINE button and bailed out just as quickly. But I'm sure there will be a "sucker born every minute" in its Target Audience who doesn't know / care enough about privacy. Therefore, I'm guessing, Slice will be a big hit.

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