Fintech unicorn Slice has attracted another $8.6 million in funding from founder and CEO Rajan Bajaj. The funding will fuel further company growth and expansion while improving product offerings and further strengthening market positions.
Bajaj, who had also founded Bajaj Finserv, has been a vociferous supporter of Slice since its founding. In total, through this new investment, he would own 20% equity, thereby retaining his position as one of the key shareholders.
Slice is one of the best fintech startups nowadays due to its innovative credit card and BNPL (Buy Now, Pay Later) offers specifically in line with the needs of young consumers. The company’s user-friendly interface, attractive rewards programs, and flexible payments options have struck a responsive chord with a rising customer base.
The proceeds from the funds acquired will be used for:
Launch new financial products and services: Slice will introduce new variants of credit cards, personal loans, and insurance products as the needs of the customers change.
Technology infrastructure: One area through which an upgradation of the technology platform by the company would help to ensure seamless operations with no lapse in security and a superior experience for the customer.
Expand market reach: Geographical reach: Slice expands its geographic footprint and accesses new customers. This can be done by forming alliances with other merchants, expanding in new cities, or gaining international markets.
Marketing and branding activities investment: Slice shall invest resources to market and brand in developing an awareness of its brand among potential customers by advertising campaigns, social media marketing, and public relations exercises.
I am excited to continue supporting Slice’s growth journey. The company has shown tremendous potential, and the future looks bright. With this additional funding, we can accelerate our plans to become a leading fintech player in India and beyond,” says Rajan Bajaj.
Slice’s latest funding round is testimony to the growing interest in the Indian fintech sector. Exactly because the Indian economy is expanding and more people are coming under the digital fold, this market increasingly demands unique, innovative financial solutions. Thus, Slice has emerged as one of the most important players in the fintech space, especially through its success in meeting the need and delivering value to the consumers.
