Slice said to raise $23m in debt from 18 lenders

Slice, a credit card for first-time users, has reportedly netted $23m in debt funding from 18 lenders.

The debt, which was supplied across the fiscal year 2020-21, was supplied by Northern Arc Capital, Vivriti, AU Small Finance Bank, InCred Financial Services, Pace Fincap, Western Capital Advisors, InnoVen Capital India and others, according to a report from VCCircle.

With the support of the funds, the FinTech hopes to increase its member base by more than three-times over the next 12 months. The company also plans to expand its team, with a focus on its technology, product and design teams.

Slice, which was formerly Slice Pay, is a credit card platform for young adults in India that have not had access to a credit card before. The platform also comes with a mobile app, which lets the user manage payments, and monitor their credit score.

The FinTech previously raised $6m in its pre-Series B funding round back in June 2020. Funds were supplied by EMVC, Kunal Shah of CRED, Better Capital and Das Capital.

Earlier in the week, fellow India-based FinTech platform SaveIN closed its pre-seed round. The digital banking platform enables users to easily borrow and lend money from their friends, family or acquaintances.

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