We are discussing Fintech Startup Slice Secured $20 Million in a Debt Funding Round Led by Neo Asset Management:
Slice is a Bengaluru-based fintech startup that has raised $20 million in a debt funding round led by Neo Asset Management’s Opportunities Fund. This funding is an initiative towards the $30 million debt round. The startup has raised $20 million and will get the remaining amount in the next round from the fund.
The startup plans to utilize these fresh proceeds to enhance its platform, meet its working capital needs, and for general corporate purposes. Neo Asset Management closed its first credit opportunities-led fund by raising Rs 2,575 crore from family offices and HNIs. Slice aims to make a smart, fast, innovative, and transparent platform to provide a new generation experience. The wealth platform got approval from the Competition Commission of India to merge with Guwahati-based North East Small Finance Bank. The company is waiting for approval from the National Company Law Tribunal for the merging and banking license.
This Bengaluru-based startup was founded by Rajan Bajaj to offer a BNPL, i.e., Buy Now Pay Later platform, to offer prepaid payment services with zero interest rate and no annual fees or late charges. The company removed this service after RBI made a rule that NBFCs should not offer credit on prepaid payments. This led to a new business model and market shift in NBFC sectors.
This startup offers other services, including UPI payments, personal lines of credit, and consumer credit. The firm has a valuation of 1.5 billion USD and is backed by investors, including Blume Ventures, Tiger Global, Gunopsy Capital, Moore Strategic Ventures, Anfa, and Advent International’s Sunley House Capital. This fintech startup claims to offer personalized services to meet customers’ needs and demands.
Conclusion
A fintech startup, Slice has secured $20 million in debt funding round from Neo Asset Management’s Opportunities Fund. The funding is part of a $30 million deal; the startup received $20 million, and the rest will be given in the next meeting. This Bengaluru-based startup is a non-banking finance wealth platform. The company has recently approved a decision to increase its capital structure, enhance its platform, and expand its technical capabilities. This fintech startup plans to scale up its operations, enhance its technologies, and meet its working capital needs for general corporate purposes.
The wealth platform got approval from the Competition Commission of India to merge with Guwahati-based North East Small Finance Bank. The company is waiting for approval from the National Company Law Tribunal for the merging and banking license. The platform previously offered BNPL, i.e., Buy Now Pay Later platform, to offer prepaid payment services with zero interest rate and no annual fees or late charges. However, the business model changed after RBI introduced the rule that no prepaid payment options should exist. The firm will continue to enhance its platform, scale up its existing services, and expand its network in the fintech sector.
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