Bengaluru, June 28, 2021: Slice, a fintech startup and creator of the ‘super card’, announced that it has raised $20 million to challenge the credit card industry in India.
Slice has raised this amount from existing investors Gunosy, Blume Ventures among others. In addition to this, slice has also launched two game-changing features today which makes the slice super card the best way for millennials and gen z to make payments.
Slice rewards – members can get up to 2% rewards on every card transaction which are instantly redeemable to cash
slice in 3 – members can slice their card bills over 3 months for free, which means they can get upto 90 days interest-free period – the longest in the industry
Commenting on this, Slice Founder & CEO Rajan Bajaj said greatest discoveries are often the simplest, hiding in plain sight, is what he has learned from his journey of building slice. “slice card was launched in 2019 with a singular focus – dissolving the complexity of credit cards,” said Rajan Bajaj.
He also said the banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. “Therefore, banks’ main focus is to optimise the fees related to credit cards and there are portfolio teams to increase the loan book,” said Rajan Bajaj.
This leaves the customer experience in the corner. “However, Slice finds it as a payment product, and is solving it as a consumer experience problem with a ‘customer first approach’ in mind. Any small friction in product experience can lead to a magnitude of reduction in market size, which is what is happening in India today – we believe 400 mn+ Indians are eligible for a credit card but we just have 30mn unique customers in the country,” said Rajan Bajaj.
Rajan Bajaj said this approach gives the company a strong word of mouth among our customers due to their love for slice. “It has directly resulted in our customer acquisition cost being 10 times lower than banks, which becomes a great competitive advantage. We are therefore able to pass on the benefits to our users via these game-changing offerings,” said Rajan Bajaj.
Gunosy Inc Chairman & CEO Shinji Kimura said Slice’s biggest advantage is how well they understand millennials and gen z.
“Their approach to solving their issues has been truly refreshing and building something simple & hassle-free has been a part of their DNA since inception. 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, at Gunosy, are glad to be a part of their growth story,” said Shinji Kimura.
Slice has seen rapid growth since the launch of its card in 2019. They are now at 3mn+ registered users and growing consistently at 25% month-on-month. The slice super card comes with no hidden charges, joining fees, or annual fees. It is also accepted at 99.95% merchants across the country that accept Visa. With these new developments, slice is ready to take on the credit card industry.
The company recently appointed Siva Kumar Tangudu as the company’s new Chief Technology Officer
The company is backed by leading PE/VCs such as Gunosy, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal’s Navi and angel investors such as Kunal Shah.