Fintech Startup Slice Raises $20 Million From Gunosy and Blume Ventures

Slice, an India-based fintech startup aiming to disrupt monetary providers on this planet’s fifth-biggest financial system, has just lately introduced it raised $20 million at an undisclosed valuation.

The startup gives a bank card, which it calls a “tremendous card”, that gives customers with elevated flexibility and advantages tailor-made to the wants of the millennial and Gen z generations. Whereas the nation has one of many greatest economies on this planet, many Indians don’t have entry to bank cards.

Slice approaches bank cards as a cost product as an alternative of a mortgage product, which permits them to prioritize client expertise issues first. The platform additionally gives a approach for individuals in India to simply entry monetary providers with out having to take care of the paperwork of conventional banks.

Slice’s CEO and founder, Rajan Bajaj, referred to how this method permits his startup to succeed in a wider viewers by stating:

“Any small friction in product expertise can result in a magnitude of discount in market measurement, which is what is occurring in India at this time – we consider 400 million-plus Indians are eligible for a bank card, however we simply have 30 million distinctive clients within the nation.”

The funding obtained from Gunosy and Blume Ventures, two of a very powerful capital enterprise companies within the area, shall be destined to diversify the startup’s providing and develop its current staff.

With the fintech business rising around the globe as belief in conventional monetary establishments continues to lower, Slice has raised a complete of $30 million in fairness funding since its basis again in 2019.

With over three million registered customers and a 25% month-to-month quantity progress, the fintech startup is succeeding in altering the best way the youngest generations in India take into consideration bank cards whereas profiting from the elevated digitization of most industries on account of the COVID 19 pandemic.