SlicePay

Slice, formerly known as SlicePay, operates within India's competitive fintech landscape, targeting the burgeoning demand for credit and payment solutions among young consumers. The company was founded in 2016 by Rajan Bajaj, an alumnus of IIT Kharagpur. Bajaj's background includes a stint at Flipkart, where he contributed to the online retailer's marketplace product, providing him with firsthand experience in the e-commerce and digital payments ecosystem. This experience directly informed the creation of Slice, which was conceived to address the credit gap for millennials and Gen Z, a demographic often underserved by traditional banking institutions due to a lack of credit history.

The firm initially launched as a "buy now, pay later" (BNPL) service, offering a card that allowed users to make purchases and split the payments over several months. This core product, the Slice super card, functions on the Visa network and provides users with a credit line, rewards, and the flexibility to manage their repayments through a dedicated mobile application. The business model primarily generates revenue through the interest paid by customers on their extended credit and interchange fees from merchants on transactions made using the Slice card. Over the years, the company has navigated significant regulatory changes within the Indian fintech sector, including the Reserve Bank of India's restrictions on non-bank prepaid instruments being loaded with credit lines, which prompted a strategic pivot.

In a significant milestone, Slice entered the unicorn club in November 2021 after a $220 million Series B funding round, which valued the company at over $1 billion. The company has further expanded its offerings by integrating with the Unified Payments Interface (UPI), allowing users to link their bank accounts for direct payments. In a notable strategic move, Slice announced its merger with North East Small Finance Bank, a move aimed at creating a more robust, full-service financial entity. This merger signals a transition from a pure-play credit provider to a broader digital banking institution, enabling it to offer a wider range of financial products and services directly to its customer base.

Keywords: fintech, credit card, buy now pay later, digital payments, financial services, consumer credit, UPI, lending, challenger bank, Gen Z finance