India-based fintech startup Slice has raked in INR460m ($6.08m) in a pre-Series B funding round to boost growth and expand its services.
The funding round was led by Japan-based news and technology services company Gunosy, who was joined by EMVC, Better Capital, Cred and existing backer Das Capital.
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The latest funding round brings the total amount raised by the company to date to INR936m ($12.38m).
The Bangalore-based fintech firm will use the fresh capital to launch co-branded prepaid cards and credit cards by partnering with banks.
These cards will be designed exclusively for freelancers, college students, and salaried professionals in India.
The company will also use the funds to double the size of its management team.
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By GlobalDataSlice founder Rajan Bajaj said: “We are inventing the future of finance for young Indians, who want to understand and relate to financial products just like they would with Snapchat and Instagram.”
“As a young team, we understand this consumer very well and in the last four years, our primary focus has been making youngsters’ financial experience fun and seamless.”
The latest funding round comes after reports emerged in May stating that the fintech firm is planning to raise INR225m ($2.97m) from Gunosy.
Formed in 2016, Slice was formerly known as SlicePay. It intends to build a simple and transparent financial platform targeting India’s youth, according to sources.
The company said it aims to onboard more than 500,000 users by the end of 2021 financial year.
Slice offers an eponymous slice card, no-cost EMI vouchers and emergency cash loans. It also offers features like expense tracking, bill conversions to EMIs, partial repayments and scratch cards.
