Payments and credit start-up Slice has announced that it has raised $20 million in equity funding round from existing investors Blume Ventures and Gunosy.
Founded in 2016, slice is building financial products and services to meet the financial needs of gen z and millennials across the country.
Founder & CEO – Rajan Bajaj said, “The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. 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 added, “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 million plus Indians are eligible for a credit card, but we just have 30 million unique customers in the country.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.