slice raises $20 million to challenge credit card industry in India

The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument.

Bengaluru: Fintech startup slice on Monday 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.

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“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 optimise the fees related to credit cards and there are portfolio teams to increase the loan book,” Rajan Bajaj, Founder & CEO, slice, said in a statement.

“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 acustomer-first approach in mind,” Bajaj added.

In addition to this, the slice has also launched two game-changing features today which makes the slice super card the best way for millennials and gen z to make payments.

Now, slice members can get up to 2 per cent rewards on every card transaction which are instantly redeemable to cash.

Members can slice their card bills over 3 months for free, which means they can get up to 90 days interest-free period.

slice has seen rapid growth since the launch of its card in 2019. They are now at over 3 million registered users and growing consistently at 25 per cent the month-on-month.

The slice super card comes with no hidden charges, joining fees, or annual fees. It is also accepted at 99.95 per cent of merchants across the country that accept Visa.