This is in addition to the $20 million equity funding the company raised last month, led by existing investors Blume Ventures and Gunosy Capital.
slice is focussed on the new-age millennial and Gen Z segment, with an average age of 23, that have mostly been rejected credit cards by large banks, due to inadequate credit scores. It issues cards and allows these users to pay bills, manage expenses and unlock rewards
“The banking industry in India often views credit cards as a loan product instead of a high-frequency payment instrument. Therefore, banks’ main focus is to optimise the fees and portfolios while overlooking the experience. However, we see slice cards as a classic payment product, and we are solving it as a customer experience problem with a customer-centric approach in mind," said Rajan Bajaj, founder and chief executive officer, slice.
slice, at present, provides millennials a credit line starting from ₹10,000 up till ₹10 lakh. These include no-cost EMI products during checkout at Indian e-commerce websites.
The slice card is also accepted at offline payment points, through its partnership with Visa. At present, slice has a payment acceptance network of 5.5 million merchants, with 95% of its merchant partners based offline.
In an earlier interaction with Mint, Bajaj had said that the company plansning to roll out rewards for unified payments interface (UPI)-related transactions for its customers, in the coming months.