Bengaluru-based fintech platform slice on Wednesday said it has received INR 39 Cr in debt funding from multiple financial institutions including Vivriti Capital, Northern Arc Capital and InCred Financial Services.
Growth Source Financial Technologies, Ashv Finance and others also participated, a statement said.
Raised by Quadrillion, a non-banking financial company (NBFC) and a wholly-owned subsidiary of slice, the funds will be used to grow its book and widen the reach of credit solutions to youngsters across the country.
“This capital will help us refuel our books and support the unmet financial needs of young Indians who form the social and economic fabric of our country. We want to be the first card for millions of millennials and Gen Z in India and deliver a truly VIP customer experience to them,” slice founder and CEO Rajan Bajaj said.
slice had raised INR 46 Cr ($6.07 Mn) in pre-Series B round of funding led by Japan-based investor Gunosy in June this year. Earlier in May, Inc42 exclusively reported that the company approved the offer to raise equity and debt from Gunosy Inc worth INR 22.49 Cr in a board resolution on May 11.
Founded in 2016 by Rajan Bajaj, slice (earlier Slicepay) is a fintech startup offering credit solutions exclusively for young consumers between the ages of 18 and 29. The company has also launched a payments card in collaboration with Rupay called Slice Card, which comes with a pre-approved credit line.
The card has been designed to specifically serve graduate students and young professionals like startup employees, gig workers, freelancers and small business owners who are typically underserved by banks. Slice card has a minimum credit limit of INR 4K and goes up to INR 60K for students or INR 1 Lakh for working professionals and freelancers.
Slice is backed by firms such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal’s Navi alongwith angel investors like Kunal Shah.
The Indian credit card market has grown rapidly in the last five years, with around 30 Mn unique users and 5 Mn active new credit card users annually. As per Inc42Plus, the credit demand in India is projected to be worth $1.41 Tn by 2022. The estimated growth rate in credit demand is 3.73% between FY17 and FY22.