SlicePay Raises Series A Investment from FinUp Finance, Das Capital & Blume Ventures
With the newly-raised capital, SlicePay will be expanding its geographical presence nationally to all the tier 1 and tier 2 cities.
Bengaluru-based Fintech startup SlicePay, which offers instant credit to the millennials has raised an undisclosed Series A equity financing led by FinUp Finance Technology Group from China. The round also saw the participation of existing investors Blume Ventures, Das Capital from Japan, and Simile Ventures from Russia.
With the newly-raised capital, SlicePay will be expanding its geographical presence nationally to all the tier 1 and tier 2 cities. SlicePay will also be enhancing features of its MasterCard card service that is expected to drive a major part of its customer acquisition.
“This is just the beginning of what SlicePay hopes to bring to India. Most millennials in India don't understand credit & a significant proportion of them don't have access to credit. We are solving this through alternative data-driven risk assessment without compromising on our Net Promoter Score. We see an opportunity to provide great customer experience to 100mn+ millennials across all financial products starting with SlicePay Card & Micro Cash loans,” said Rajan Bajaj, CEO & Co-Founder, SlicePay.
Commenting on the Series A round, FinUp Finance Technology Group Co-founder and Chairman Zhang Hui said, “India is a vibrant financial services market, full of opportunities. The significant increase in the number of youngsters using digital channels to solve their day-to-day needs opens up a big opportunity for innovative companies such as SlicePay to lead the wave of the digital finance space in India. As a leading Fintech company in China, we witnessed and experienced this growth. Now, we are excited to work with the SlicePay team to build the future of this industry in India.”
Founded in 2015, SlicePay aims to make credit accessible to the fast-growing, unbanked millennials in India. The early access and exposure to credit not only improve the future financial aspects of the young population but also goes a long way in increasing their financial inclusiveness at large.
The company provides mobile app based instant credit for the online purchase and cash transfer. It began by focusing on the youngsters as a segment and is building a credit score system by developing a database and system for approving customers.
SlicePay currently operates in almost all the tier-1 cities including Bengaluru, Chennai, Pune, Hyderabad, and Mumbai and plans to expand its current services to tier-2 cities this year. They have 2 major product lines - SlicePay Card and Micro Cash Loans. SlicePay Card, a MasterCard, that customers can use for the online purchase. According to the company, most of the purchases are from e-commerce merchants like Flipkart and Amazon that majorly covers digital gadgets and fashion apparel. The company has already partnered with Amazon, BookMyShow, and Flipkart to provide more offers to their customers. The current customer base comprises of colleges students and young professionals. In each city, the company has a city manager and multiple area managers who will manage the day to day operations thereby providing instant service to their customers.
“The potential for companies that are truly customer-centric and also compete with innovative data technology is just massive. For the past 3 years, SlicePay has built a robust management team with the people from a mix of internet companies like Flipkart, Paytm and financial giants like Capital One, Edelweiss. They are together building a unique credit product based on innovative technology. We are eager to continue supporting the SlicePay team in building a great financial platform,” Ashish Fafadia of Blume Ventures.
Around The World