SlicePay said to secure $2m Series A

Credit lending platform, SlicePay has reportedly received a $2m Series A round from japan-based Das Capital and Simile Venture Partners.

This round of funding also saw a contribution from existing investor Blume Ventures, according to a report by VCCircle which cites the company’s co-founder.

India-based SlicePay allows students to buy products without the need of upfront payments, by using flexible payment plans, online or offline. The platform works by a user searching for a product on SlicePay, Amazon, Flipkart, PayTM or Snapdeal and then choosing a payment plan.

This new round of funding will allow the company to expand its offerings further across India for both education and consumption credit requirements, it said.

The company closed a $500,000 initial investment last year, from Blue Ventures and Tracxn Labs, and earlier this year it acquired P2P lending platform Trustio, the report states.

Earlier this year e-commerce platform Flipkart has raised around $4bn fund funding rounds, with the company bagging $2.5bn from SoftBank Vision Fund in August.

India-based marketplace lending companies have seen a huge increase to funding, with last year seeing around $280m invested, compared to 2015 only raking in $49m.

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