Slice, a fintech start-up today announced that it has raised $20mn 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 features today which will make the slice super card more accessible to the millennials helping them make payments.
Rajan Bajaj, Founder & CEO, slice, said, “Greatest discoveries are often the simplest, hiding in plain sight, is what I’ve learned from my journey of building slice. slice card was launched in 2019 with a singular focus – dissolving the complexity of credit cards.
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 optimize the fees related to credit cards and there are portfolio teams to increase the loan book. This leaves the 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. 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.
This approach gives us 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.”
Shinji Kimura, Chairman & CEO, Gunosy Inc, 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.”