Slice, a credit card for first-time users, has reportedly netted $23m in debt funding from 18 lenders.
The debt, which was supplied across the fiscal year 2020-21, was supplied by Northern Arc Capital, Vivriti, AU Small Finance Bank, InCred Financial Services, Pace Fincap, Western Capital Advisors, InnoVen Capital India and others, according to a report from VCCircle.
With the support of the funds, the FinTech hopes to increase its member base by more than three-times over the next 12 months. The company also plans to expand its team, with a focus on its technology, product and design teams.
Slice, which was formerly Slice Pay, is a credit card platform for young adults in India that have not had access to a credit card before. The platform also comes with a mobile app, which lets the user manage payments, and monitor their credit score.
The FinTech previously raised $6m in its pre-Series B funding round back in June 2020. Funds were supplied by EMVC, Kunal Shah of CRED, Better Capital and Das Capital.
Earlier in the week, fellow India-based FinTech platform SaveIN closed its pre-seed round. The digital banking platform enables users to easily borrow and lend money from their friends, family or acquaintances.
Copyright © 2021 FinTech Global
