Bengaluru-based fintech startup SlicePay, exclusively focussed on youngsters, raised Rs 20.5 crore in debt funding from Japan-based Gunosy Capital and Pegasus Wings Group (investment arm of Das Capital).
According to the RoC filings accessed by YourStory, the startup issued 20,50,600 non-cumulative Compulsory Convertible Debentures (CCD) at face value of Rs 100 each on September 6.
Speaking to YourStory, Rajan Bajaj, Founder and CEO SlicePay, said,
"India remains a strong investment destination for Japanese capital even as we are undergoing a cyclic liquidity situation within the country. This is the beginning of structured long term capital access for us from Japan's capital markets which has $4 trillion exposure globally."
[Funding alert] ZestMoney raises $20 M in Series B from Quona Capital
"We are touching 15,000 transactions a day now with a waiting list of more than 300,000 customers. To keep up with the pace, fundraising is a constant for us and we keep meeting the best investors in the world," he added.
Founded by Rajan Bajaj in 2016, SlicePay offers credit solutions exclusively for youngsters between the ages of 18–29 years old. It has designed a payment card - SlicePay Card - that comes with a pre-approved credit line.
The card is particularly meant for graduate students and young professionals like startup employees, gig workers, freelancers and small business owners who are typically underserved by banks. Slicepay enables this segment to manage their expenses.
Issued in partnership with Rupay, the SlicePay Card is a zero fee card that can be used to make payments across five million merchants; online and offline. In partnership with eCommerce platforms, the startup also offers customers a no-cost EMI option for high ticket purchases. In addition, customers can avail small, short tenure loans in case of emergency.
Unlike traditional credit cards, where consumers get to know their entire spend at the end of the month’s cycle, SlicePay’s app offers live alerts on the card spends. It provides gentle reminders on the repayment date, recommends converting the bill to monthly EMI in case the customer is unable to make full payment and also informs about the opportunity to build good credit scores if bills are paid on time.
SlicePay, today has over 180,000 active customers across 12 cities. It is backed by leading VCs in India and outside such as Blume Ventures, Tracxn Labs, China’s Finup, Japan’s Das Capital, and Russia’s Simile.
Last year, the startup had reportedly raised about $15 million in Series A funding led by FinUp Finance Technology Group.
In 2017, it secured $2 million as part of its Series A round and also received $500,000 in pre-Series A funds in 2016.
SlicePay competes with the likes of mPokket and KrazyBee among others.
(Edited by Saheli Sen Gupta)
Kissht raises $30M in Series C funding led by Vertex Ventures and Sistema Asia Fund
[Funding alert] Sachin Bansal invests Rs 50Cr in digital lending startup Kissht
This post first appeared on The Impact Of Audience Response System On Your Events, please read the originial post: here