Gunosy, Blume Ventures, and other investors contributed $20 million to Slice, an Indian fintech startup. Slice has a credit card service “super card” that was launched 2 years back for the convenience of Indian credit card customers. The funds raised by the startup will be utilized to expand the card’s capabilities, allowing credit cardholders to withdraw money or make payments without facing trouble.
Although a large amount of Indians now have a bank account, only a small percentage of them have a credit card. This is due to the costly and time-consuming procedure of obtaining a credit card. Slice, on the other hand, has made this process easier by allowing consumers to apply for a credit card even if they don’t work full-time.
“To convert the plastic card into a larger income source, the company has now opted to integrate rewards to its app,” Rajan Bajaj, founder, and CEO of Slice told TechCrunch. Every day, a growing number of users are subjected to pay higher interest rates and late payment fees, and as a result, many people remain hesitant to apply for a credit card. Slice, on the other hand, does not charge a membership fee or an annual fee to its members. Aside from that, the firm does not require consumers to pay a minimum monthly amount.
Slice also gives its members 2% cashback on every transaction, which they can redeem at any time. One of the amazing advantages of Slice is that its transactions are accepted by 99.95 percent of Visa-accepting merchants around the country. Since the launch of its card in 2019, over 3 million individuals have signed up for Slice, and the number of customers continues to grow month after month, due to its excellent services. In this pandemic era, when most fintech businesses are losing money, a Bangalore-based startup is the only one that is doing well. According to Slice, May was the best month since the company’s existence, and June has seen a 25% increase in customers.