A credit card is an instrument to assist you with making instant credit-based transactions. Credit cards accompany helpful, free extra consumer protection. There could be no less expensive method to borrow than with the right credit card. Regardless of whether you are needing to clear an existing loan or take new debt you can borrow without interest for above and beyond a year with a credit card.
But getting a credit card is quite lengthy as well as a difficult process for some. With a progressive plan to clear that interruption in the credit card process, Slice has decided to launch Slice cards or Slice super cards to provide the clients with the opportunity of cutting their total amount into 3 easily payable sums of money.
So in this article, you will get to know how Slice made its space in the industry and furthermore get knowledge into Slice Business model, Founders, Funding, Revenue, Growth, Competitors, and everything you need to know.
Slice Company Profile
|Legal Name||GaragePreneurs Internet Pvt Ltd.|
|Sector||Lending, Banking, Finance, Payments|
|Headquarter||Bangalore, Karnataka, India|
|Headquater Region||Asia-Pacific (APAC)|
|Founders||Rajan Bajaj, Deepak Malhotra|
|Total Funding||$291.2 Million|
|Monthly Visitors||150,165 (SemRush)|
Slice is India’s best credit card challenger to take care of bills, oversee expenses, and open instant rewards. Slice is rehashing how conventional credit cards work by offering a basic and transparent app to help its members transact easily.
Slice additionally has a straightforward, shrewd, and straightforward app that assists you with following and dealing with your costs, getting cashback and limits, and in conclusion, a predominant client experience.
Rajan Bajaj is the founder of the Slice.
Rajan started his career as a Business Analyst Intern at Walmart. He has completed his certification in Civil Engineering from the Indian Institute of Technology, Kharagpur. He was additionally the organizer of the company Mesh Internet.
Slice Business Model
Nowadays, getting one such card is being progressively troublesome, and this initial step again regularly prompts more problems. Getting to know this multitude of provisos in the entire credit industry, the Slice business model ideated a product that would be basic and effectively available, and usable for the general population.
The business model of Slice spins around aid payments from traders like Amazon and Flipkart for no-cost EMIs. Besides, it likewise thinks about the trade pay from cards, interest pay from EMIs, and many more.
Slice Revenue Model
Slice generates revenue through commissions, which made up around 17% of its pay in FY20 and was accounted for to have developed by 7.3X to INR 5.36 crore in FY20 when contrasted with a similar time of the last monetary. The credit startup additionally has an auxiliary named Quadrillion Finance Private Ltd., which includes the leftover piece of its revenue.
The company also makes a major chunk of money from the handling fees that it collects, which was responsible for around 70 percent of the total revenue in FY20. These revenues saw a 3.6X growth in the same fiscal, reported at INR 24.12 crore.
Slice has raised around $291.2 million over 11 funding rounds that it has seen so far.
Uni-kaun? Hum! Super proud to enter India's unicorn club ? Thanks to everyone who helped us get here!
PS: HR has promised us a day off if we get a million RTs on this. Do your magic, internet? ?https://t.co/3TbspaChQR
— slice (@sliceit_) November 29, 2021
The credit limit given by the organization on these cards goes from Rs. 2,000 to Rs. 10 lakh. It has near 5,000,000 enrolled clients on its application. New card issuances and clients for the organization are developing 40% consistently, Bajaj said. He said the organization is presently recording a yearly income run pace of $60 million.
Commenting on the growth of the company, Alex Cook, accomplice at Tiger Global said “Slice has fabricated a product that users love, which we expect will bring about the proceeded with development and market share gains. We are eager to band together with Rajan and the group as they extend admittance to credit and convey top-tier client experience.”
The major competitors of Slice are Flipkart Credit Card, Simpl Pay, OneCard, KreditBee LazyPay, and ZestMoney.
The banking and credit industry in India has consistently seen credit cards as a loan item rather than a high recurrence installment instrument. Subsequently, the banks’ center is to upgrade the charges identified with credit cards and there are portfolio groups to expand the loan book. This leaves the user experience in the corner.
In any case, we consider it to be a payment product, and we are addressing it as a buyer experience issue with a customer-first approach in mind.
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