Fintech firm Slice raises $20mn to challenge credit card industry in India

Fintech startup slice on Monday announced that it has raised $20mn to challenge the credit card industry in India.

slice has raised this amount from existing investors Gunosy, Blume Ventures among others.

“The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. Therefore, banks’ main focus is to optimise the fees related to credit cards and there are portfolio teams to increase the loan book,” Rajan Bajaj, Founder & CEO, slice, said in a statement.

“This leaves the customer experience in the corner. However, we see it as a payment product, and we are solving it as a consumer experience problem with a acustomer-first approach in mind,” Bajaj added.