Slice raises USD 6 mln to offer the young India-based consumers digital payments

According to TechCrunch, the company plans to reach 500,000 young customers in 2021. Moreover, the round was led by Japan-based Gunosy, while the US-headquartered EMVC, Kunal Shah of CRED, Better Capital, and existing investor Das Capital, together with Blume Ventures, Traxcn Labs, and Finup.

The initiative comes as millions of people in India can’t get a credit card and live most of their lives on debit cards and with little to no credit score. Although there are almost 1 billion debit cards in use in India, only 50 million credit cards are in circulation. Consequently, many startups are trying to bridge this gap, however very few are serving the young demographic. Therefore, Slice helps the young demographic by offering its prepaid card that comes with a pre-approved credit line, focusing mostly on students, freelancers, startup employees, and blue-collar workers. 

Besides, Slice allows users to build credit scores, which would eventually make them eligible for better credit cards from other companies and banks, and enable them to secure loans for various purposes. Subsequently, after six months of Slice use most users have a credit score of more than 700. The company also allows users to secure a small sachet of loan products and pay them at zero-cost interest, while tracking their expenses, TechCrunch reported.