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Money is an essential asset to lead a life. Now, we are living in a world of luxury. So, to navigate in this lifestyle money is very essential.
Youngsters are also struggling to cope up with the penny. Even they can’t rely on the pocket money too. As there will be a lot of things in the college days to enjoy. Like going out on vacations, weekend trips, cinemas, long rides, and many more things.
For all these activities millennials struggle to find financial solutions. Not only youngsters, but the person having the job also finds it difficult to arrange a financial solution.
Sometimes, there will be a requirement for money in emergencies. Most of the times friends and relatives are not going to sort it out.
Even if you want to take credit from banks it has a lot of complex processes. In addition, there will be some unfair interests rates and charges frequently.
So, there is a huge problem in the financial sector. Our financial sector is too complex to handle. As a result, many are often reluctant on taking credit from banks or any other financial institution.
Startups are always there to solve critical problems with modern technologies. Slice is a startup where it solves financial related problems in a modern way.
Here you are going to have a quick round-up of the Slice startup story. Even the way it brings the new revolution in the online credit system.
Slice startup
Slice is an Indian startup, where it provides financial solutions from its platform. This fintech startup provides small credits with micro interest rates. This startup headquarters is located in Bengaluru.
As it doesn’t follow any of the banks’ traditional complex processes. Now anyone who is above 18 can easily get small credits just in a few clicks. This startup gives modern fintech solutions to its users.
Slice startup was launched in 2016. As the company aims at providing financial solutions to the millennials. In addition, Slice startup wants to eliminate all the complex rules and regulations.
This startup is revolutionizing the way of credit lending culture. Even Slice startup gives slice credit cards to its users. whereby using a slice credit card there will be no fees on the transactions.
In addition, Slice provides with buy now and pay later option as well. This feature is an on-demand one, where it is also implemented by big companies like Flipkart, Paytm, and Amazon pay.
Rajan Bajaj is the founder of Slice startup. His experience in the financial sector made him build such a massive startup. Slice startup is having over 1 million + downloads. So, this gives a clear indication of its valuable services and its demand.
Slice startup employees are passionate workers and always strive to improve their products and services. There are over 600+ employees in Slice startup.
This financial company gains the trust and hope of its customers. In addition, the Slice app userbase is also soaring up. So, Slice startup is getting investors’ interests as well.
Investors like Gunosy Capital, Das Capital, Finup Simile Venture Partner, EMVC, Blume Venture made the crucial investment.
Slices startup brings a new norm in the online credit system. So, it is worth knowing how Slice startup started. In the next section, their complete Slice startup story history, Even how Rajan Bajaj’s motives helped him to build Slice startup.
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Slice Startup Story
Startup services is a mirror reflection of its founder vision. An entrepreneur is made the world a better place to live. Because he loves all the modern-day problems with modern solutions.
Deepinder Goyal founder of Zomato made it possible to have online food delivery services in India. Then Sachin and Binny Bansal build Flipkart equivalent to Amazon to have a classy e-commerce experience in India.
These are some of the examples of some great entrepreneurs who made India great and proud. So, an entrepreneur’s contribution to the country is priceless.
Even Slice startup has its great founder Rajan Bajaj. He completed his graduation at IIT Kharagpur. Rajan Bajaj was passionate about startups.
At one point, he thought about dropping out and starting his own venture. But it was not possible and finally ended up completing his studies at IIT Kharagpur.
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Slice Startup foundation
Then Rajan Baja got the opportunity to work in Flipkart. He was working in the payment services. In the due course of time he got a lot of knowledge about the payment structure and behind technologies.
Further, he came to know about the reality of the Indian credit card system. There are a hundred million bank accounts but hardly there are less than 30 million credit cardholders. This shows the pathetic scenario of the Indian credit card system.
So, for an Indian to get a credit card is so difficult and had to undergo various complex procedures. So, there is a need for some alternative solutions for society.
As Rajan Bajaj came to know about these many problems and his hunger for startup grew. So, he decided now or never.
Finally, he quits Flipkart in 2015 to start his entrepreneurial journey. Then he started Slice startup in 2016 to provide credit to people on the basis of fewer documents, In addition, the whole procedure is fully digitalized.
Now Adhaar and PAN cards are enough to get Slice credit.
Now, any user can get Slice credit without stepping out of their home.
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Slice Business model
For any fintech startup, its primary source of revenue comes from the commissions. As Slice startup provides credit from 2K to 10L to its users with minimal interest fees.
So, here Slice takes interest while users are repaying their credit amongst. As the interests rates are also not too high and get benefits using Slice credit care as well.
Even Slice partnered with many brands where users can purchase products and can also recharge their phones, the dish as well. In addition, users get assured 2 to 3% of cashback.
For every purchase made by the user’s certain amount of commission is given to Slice from certain brands. Even another revenue source will be pushing ads on its platform. Where certain brands are listed at the top. Accordingly, Slice takes a certain sum from the brands.
So, these are some of the possible ways where the Slice business model works and make money.
Slice Startup funding
Slice startup finding had witnessed new investor GMO venture partners. Basically, slice provides a credit card to schools and college students. It is basically making students spend and get hours of their finances in their early stages.
From spending, through Slice Cards users can avail a lot of offers. Even Slice cards can also be used in offline stores as well.
In a series B, Slice Startup got funding of over 300 crores. This round of funding, investors bike feeling show, tiger global and Moore made Investments.
In 2022, Slice card users all over 12 million. So it is a good sign for the startup in the terms of user base and revenue. Anyone can get a Slice card, by filling in the basic information.
Eventually, Slice startup story is empowering many people and entrepreneurs to build next-gen products. Rajan Bajaj founder of Slice startup made it possible to make the credit system more accessible and affordable.