Lending is easy for Slice, earning is not.

At the end of 2021, a few months after his new position as an analyst at the consulting firm Bain, Pranav Manie, 22, decided to get his first credit card. A client of HDFC Bank, he reviewed the bank’s offers and began the application process. Despite sharing the necessary information with the bank, HDFC never responded. This snub pushed Manie towards six-year-old fintech Slice.

The ease of getting a credit card through Slice was a big plus for Manie. The whole process happens through the Slice app, with approval taking just a few hours. Another important factor was Slice’s discount offers on online platforms, a reason that was cited by all but one of eight Slice users. The Ken speak with.

Targeting customers like Manie, Slice had its breakthrough year in 2021. Founded in 2015 by Rajan Bajaj, a former Flipkart executive, it started life as a student-focused micro-lending platform. However, his pivot to card loans in 2019 is what really changed his fortunes. Startup issues about 200,000 to 250,000 cards per month, company executives say The Ken speak with.

On the back of this pull, Slice raised

$220 million

$220 million

Tech Crunch
India’s Slice becomes a unicorn with $220 million in funding from Tiger Global, Insight Partners and Advent
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in November from Tiger Global and Insight Partners. This earned him a billion dollar valuation and entry into the stable of Indian unicorns. In total, the company has raised a total of US$291 million.

Slice, however, isn’t really a credit card. Instead, it describes itself as a “credit card challenger” because while a Slice card – issued in partnership with the State Bank of Mauritius (SBM) – works like a traditional credit card, it is designed differently in terms of from the backend. In reality, it is a buy-it-now, pay-later (BNPL) service in the form of a credit card.

The Bengaluru-based company is also not burdened with the baggage of former credit card players. Unlike the industrious and cautious nature of the Holders, he is nimble when it comes to issuing cards. Its sleek interface also sets it apart, appealing to a younger demographic.

“Slice acquired customers aggressively, with a focus on low-income groups and growing by 40% [month-on-month]“, noted analysts at investment bank Goldman Sachs in a recent report. USD 13,437) depending on the creditworthiness of the borrower.

Today, the Goldman Sachs report adds, Slice trails only HDFC Bank and ICICI Bank in terms of credit cards issued per month. The two banks issue between 250,000 and 300,000 cards each month.

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