Slice raises $20 mn, launches new features

Garagepreneurs Internet, the parent company of millennials focused payments and credit solutions platform Slice, has raised $20 million (148.5 crore) in a new investment round. 

Returning investors Gunosy, venture capital firm Blume Ventures and others participated in the round, the company said in a statement.

On Monday, it also launched two new features -- slice rewards and slice in 3. The former enables members to get up to 2% rewards on every card transaction. The latter allows members to split their credit card bills over three months at zero interest charge.

“The slice super card has the potential to fundamentally change the way the next generation thinks about the concept of credit cards altogether...” Shinji Kimura, chairman and CEO of Gunosy, said. Gunosy is a Japanese news and technology company.

Slice – initially known as SlicePay – was set up in 2016 by Rajan Bajaj. Apart from Blume Ventures and Gunosy, it also counts Das Capital, Finup, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal's Navi and angel investors such as Kunal Shah among its backers.

Slice launched its card in 2019 it has scaled to more than 3 million registered users, with 25% growth month-on-month.

In May, VCCircle reported that Northern Arc Capital and Vivriti Capital were among 18 lenders that invested Rs 165 crore in a debt round in Slice during financial year 2020-21. Of the total, Slice raised Rs 126 crore in the last five months of 2020-21.  

In June 2020, it raised Rs 46 crore (about $6 million) in its pre-Series B funding round. It raised $1.4 million in October last year. In September, it raised $2.9 million from a firm jointly owned by Das Capital and Gunosy.