The millennial-focused fintech startup Slice announced on Monday that it has raised $20 Mn in equity funding from existing investors Gunosy & Blume Ventures. This investment is part of its ongoing series A round. Although the Bengaluru based startup has kept silence on its valuation, its valuation may have seen a sizable jump during the latest funding infusion.
The fresh fund infusion will also make Japanese investment firm Gunosy one of the largest stakeholder in Slice. Gunosy is one of the earliest backers of the Bengaluru based startup and had also pumped debt funding last year.
Slice had earned an operating revenue of INR 29.88 Cr in Fy20, an increase of almost 4x as compared to INR 7.41 Cr it earned in FY19. Its total expense for FY20, on other hand, stands at approximately INR 35.72 Cr.
Slice wants to improve the credit card payment experience for millennials. This is quite a challenge especially considering that debit card users in India still outnumber credit card users by a huge margin.
The Bengaluru based startup claims that it is trying to reimagine credit card payment for India’s youngsters. It does this by various means including offering reward points and offering co-braded Slice Cards.
Slice claims that it has 3 Mn registered users and is currently witnessing 25% monthly volume growth.