Fintech startup Slice raises $20 million from Gunosy, Blume Ventures

Mumbai: Fintech startup Slice has raised $20 million in equity funding from existing investors Gunosy and Blume Ventures at an undisclosed valuation. The credit card platform offers customers flexibility in paying credit card bills as well as reward points on transactions.

Slice will use the capital to diversify offerings and expand its team, founder and chief executive Rajan Bajaj told ET.

“The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument,” said Bajaj. “Therefore, banks’ focus is to optimize the fees related to credit cards and there are portfolio teams to increase the loan book. This leaves 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 ‘customer first approach’ in mind.”