The payments and credit startup says it will use the money to double the strength of its management team.
Bengaluru-based payments and credit startup Slice has raised Rs 46 crore in a pre-series B round of funding led by Japanese investor Gunosy. US-based EMVC, Cred founder Kunal Shah, Better Capital and Das Capital also participated in the round.
Slice would double the strength of its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards and aim for more than 5 lakh users by the end of the current financial year, the company said in a press note on June 25.
“We are inventing the future of finance for young Indians, who want to understand and relate to financial products just like they would with Snapchat and Instagram,” CEO Rajan Bajaj said.
Last year, Slice developed more features such as expense tracking, bill conversion to EMI, partial repayments and scratch cards to reward the users for timely repayments.
Founded in 2016, the startup offers a Slice card designed for young consumers that include freelancers, college students, salaried professionals and others usually not catered to by traditional credit card players.The company had become profitable within four years of operations, the press note said.