Slice is a fintech startup based in Bengaluru 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 is planning 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.  

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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 on NBFC to not offer credit on prepaid  payments. This led to a new business model and market shift in NBFC sectors. 

This startup offers other services at present including UPI payments, personal lines of credit, and  consumer credit, among others. The firm had 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 for  customers to meet their needs and demands accordingly.  

Conclusion: 

A fintech startup, Slice has secured $20 million in its 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 amount 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 is planning to scale up  its operations, enhance its technologies, meet its working capital needs, and 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 a rule of No Prepaid payment options. The firm will continue to enhance its platform, scale up its existing services, and  expand its network in the fintech sector.