Fintech and credit startup Slice has scooped up INR 46 crore in a pre-series B round. Japanese investor Gunosy spearheaded the round while Kunal Shah of Cred also participated in the round. American investment firm EMVC, Better Capital and existing investor Das Capital were among other participants.
The company said that the latest funding will help ramp up its management team and launch co-branded credit cards by partnering with banks. The company equally aims to have over five lakh users by the end of next year.
Headquartered in Bengaluru, Slice claims to have built one of its kind financial products – Slice Card. It is a physical as well as virtual card that has been exclusively catered at the millennials and youngster population of the country.
Claiming to be better than credit cards, Slice claims that Slice cards help millennials to spend better and efficiently.
Meanwhile, another well-known Fintech startup Aye Finance has raised $27 Mn or INR 210 Crore in a Series E round. The round was led by existing investor CapitalG, venture capital arm of Google’s parent company Alphabet Inc. Following the latest funding, Aye’s total equity funding has now crossed Rs 690 crore. The company has also raised a significant amount of capital through debt.
Aye Finance’s MD Sanjay Sharma said that securing big funding round during the ongoing COVID-19 crises is a clear vindication of the company’s success and confidence that investors repose in this company.
Aye Finance claims that since its inception in 2014 it has lent over Rs 3,000 crore to MSME and in the process has helped millions of unorganized businesses in securing easy credit.
The growing penetration of the internet and smartphones has propelled NBFCs like Aye Finance in offering credit services to small businesses, which often struggles to get finance from the formal banking sector.