Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Slice.
Credit cards play a very important role in today's daily life globally. Due to this card, purchasing products is easier now! You just need to keep it in your head that you cannot afford to spend all the money over there. Anyway, the interest charges are always applied to the credit cards and I find this to be a liability.
Slice is an interest-free credit card and one can transfer instant cash to the bank with few benefits attached to it. This card has got no hidden charges to be paid later. Amazing right? Read the Slice success story below!
Slice - Company Highlights
|Headquarters||Bangalore, Karnataka, India|
|Sector||Banking and Payment|
Slice - About
Slice is a zero-fee card which can be utilized to make transactions both online and offline. This card has no cost EMI option as well. It can make payments instantly to e-wallets like PhonePe, Google Pay, etc. Slice card is considered to be India's best credit card opponent. This card is looking forward to redesign the economic experience of all the common people. It is a fintech startup and the goal of the team is to build a transparent, modern and simple financial platform for the Indian youth community.
Slice - Startup Story
We all have heard for at least once that credit cards have got the ability to make one's life easier! But, is it actually so? Trust me, guys, getting one is remarkably difficult. One needs to have a decent job to drop himself or herself to a specific income bracket in order to qualify for it. This involves higher interest rates too and, as I have already mentioned above and I find this to be a great disadvantage! College students or job freshers mostly do not get credit cards and this is where Slice steps into the scenario. This segment is Slice's target. Their actual target is to simplify financial products for the youngsters. Freelancers, college students and business startups often wish to experience the pleasure of having credit cards. So, Slice came into existence to change the game.
Slice - Founder and Team
The founder of the company Slice is Rajan Bajaj.
He is the Founder and the CEO of the company. Rajan began his career as a Business Analyst Intern at Walmart. He was also the founder of the company Mesh Internet. Rajan has pursued his bachelor's degree in Civil Engineering from the Indian Institute of Technology, Kharagpur.
Slice - Business Model
Slice card is a payment card that caters to the needs of the younger generation or maybe younger professionals especially those aged between 18 to 29 years. This age group specifically consists of freelancing workers, college-going students, startup business owners and so on! The card is connected with the interactive app of Slice. This is done to ensure decent credit habits because the users are mostly the first time credit card holders. It provides the users with the following information -
- Daily data on payments
- Knowledge about the spending pattern
- Regular expenses indications
- Recommendations to convert dues to EMIs (if only facing difficulties in paying the entire amount)
Slice - Revenue Model
Reports say that the revenue of the company quadrupled from Rs. 7.41 crores in 2019 to Rs. 29.88 crores in 2020. Slice has got 200,000+ customers and is also getting operated in over 16+ cities. It has already crossed the one million mark which means one million transactions have already been made through this platform. 60% of the transactions are done offline and the rest 40% is done online. The startup has got around 300,000+ waitlisted customers. Bangalore, Delhi, Chennai, Mumbai, Pune and Hyderabad are the top listed cities where it's being perfectly operated.
Slice - Funding and Investors
|Date||Transaction Name||Money Raised||Lead Investors|
|June 28, 2021||Venture Round||$20 million||-|
|May 24, 2021||Debt Financing||Rs. 1.7 billion||-|
|November 11, 2020||Debt Financing||Rs. 390 million||-|
|June 25, 2020||Series B||Rs. 460 million||Gunosy Capital|
|October 20, 2019||Debt Financing||$1.4 million||-|
|September 19, 2019||Debt Financing||Rs. 205 million||Gunosy Capital and Pegasus Wings Group|
|September 3, 2018||Series A||$14.9 million||FINUP|
|February 15, 2016||Seed Round||$500,000||Blume Ventures|
Slice is funded by 19 investors. The most recent investor is Gunosy Capital.
Slice - Growth
Slice is working on adding amazing features to change the stereotypical system of people being engaged with their credit cards. Reports also say that Slice is looking forward to adding rewards to the app because it's goal is to turn the normal plastic card into a greater financial tool.
Slice - Competitors
The top competitors of Slice are LazyPay, ZestMoney and KreditBee.
It is the top competitor of Slice. The company is headquartered at Gurgaon, Haryana, India and was founded in 2017. LazyPay works in the Fintech sector.
It is perceived as one of the top competitors of Slice. The company is headquartered at Bengaluru, Karnataka, India and was founded in 2015. ZestMoney also works in the Fintech field.
It is also one of the top competitors of Slice. The company is headquartered at Bangalore, Karnataka, India and was founded in 2018. KreditBee also operates in the Fintech industry just like the above-mentioned companies.
Slice cards have completely changed the way one used to pay! Credit cards are no more a burden now! The process is now smoother and more transparent than the usual. The credit limit starts from Rs. 10,000 to Rs. 10 lakhs. Slice provides its consumers with the lengthiest interest-free instalments. Since the company deals with the cardholders in full clarity, it has turned out to be a very positive aspect towards gaining trust and referrals.
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