Establishing itself in the Indian credit card industry, Slice raised $20 million - MENA startups, innovation, and tech news

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Establishing itself in the Indian credit card industry, Slice raised $20 million
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Establishing itself in the Indian credit card industry, Slice raised $20 million

Slice, a fintech company and inventor of the “super card,” revealed today that it had secured $20 million to take on India’s credit card sector. This sum was raised from existing investors such as Gunosy and Blume Ventures, among others. Aside from that, Slice has introduced two game-changing features: Slice incentives – members may earn up to 2% rewards on every card purchase, which can be quickly redeemed for cash & Slice in 3: members can spread their card bills out over three months for free, giving them up to 90 days of interest-free credit, according to the firm.

“The banking sector in India has historically seen credit cards as a loan product rather than a high-frequency payment instrument,” stated Rajan Bajaj, Founder & CEO of Slice. As a result, banks’ primary goal is to reduce credit card costs, and portfolio teams work to expand the loan book. The client experience is thus pushed to the side. We, on the other hand, perceive it as a paid product, and we’re approaching it as a customer experience challenge with a “customer first” mindset. Any minor annoyance with a product might result in a significant loss in market size, as is the case in India today: we estimate that 400 million or more Indians are eligible for a credit card, but we only have 30 million unique clients in the country. Eventually, our client acquisition costs are 10 times cheaper than banks, giving us a significant competitive edge. As a result of these game-changing innovations, we are able to pass on the benefits to our users,” he added.

“Slice’s greatest strength is their understanding of millennials and Gen Z. Their attitude to addressing problems has been refreshing, and creating something easy and hassle-free has been in their DNA since the beginning. In a statement, Shinji Kimura, chairman and chief executive of Gunosy, stated, “The Slice super card has the potential to fundamentally transform the way the next generation thinks about the notion of credit cards entirely, and we, at Gunosy, are delighted to be a part of their development narrative.”

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