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Havish Gupta
Figuring Outย โขย 8m
Getting a credit card as a student or new worker is toughโyou either donโt qualify or lack a credit history. This was something Rajan Bajaj was bothered about, forcing him to launch Slice, a platform that made accessing credit simple and hassle-free. Now since getting a banking license is tough, Slice partnered with SBM. Thus, Slice Just had to identify the right customer and SBM managed all the credit card related part. Through this partnership, they were ready to issue credit cards. So With $500k in seed funding, Slice took off ๐ And It quickly became a hit, growing at 83% CAGR and achieving โน283 crore in revenue. However, in 2022, RBI regulations stopped non-banking entities from issuing credit cards. This forced Slice to shut down its core business. But Slice didnโt quitโthey pivoted. The company doubled down on lending and added UPI payments to its app. The strategy worked, and their revenue tripled to โน847 crore in FY23. Then came a turning point: the opportunity to merge with North East Small Finance Bank. After significant effort, Slice secured an RBI no-objection certificate in 2023 and finally obtained a full-fledged banking license. Now, Slice is back in the game ready not only to issue credit cards but also to offer other financial services too! Will you use Slice in the future?
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