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Slice raises $20 million from Gunosy and Blume Ventures

Slice has 3 million registered users and is currently reporting a 25 percent monthly volume growth, according to a media report

June 28, 2021 / 10:11 AM IST
Slice, which focuses on Gen Z and millennial customers, issues credit and payment cards in partnership with Visa and SBM Bank India.
(Representative image)

Slice, which focuses on Gen Z and millennial customers, issues credit and payment cards in partnership with Visa and SBM Bank India. (Representative image)

Fintech startup Slice raised $20 million in a financing round led by existing investors Gunosy and Blume Ventures.

Slice, which focuses on Gen Z and millennial customers, issues credit and payment cards in partnership with Visa and SBM Bank India.

The Bengaluru-based company will use the funds to diversify its offerings and expand its team, founder and chief executive Rajan Bajaj told The Economic Times.

"The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument," Bajaj said.

"Therefore, banks' focus is to optimize the fees related to credit cards and there are portfolio teams to increase the loan book. This leaves customer experience in the corner. However, we see it as a payment product, and we are solving it as a consumer experience problem with a 'customer first approach' in mind," he said.

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The investment takes Slice's total equity funding to $30 million since it was founded in 2019.

Slice has 3 million registered users and is currently reporting a 25 percent monthly volume growth, The Economic Times reported.

"Slice's biggest advantage is how well they understand millennials and Gen Z. The Slice super card has the potential to fundamentally change the way the next generation thinks about the concept of credit cards altogether and we are glad to be a part of their growth story," said Shinji Kimura, chairman, and CEO, Gunosy said, as quoted by the publication.
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Tags: #Business
first published: Jun 28, 2021 10:11 am

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