Fintech startup SlicePay which offers instant credit to students and young professionals has raised Series-A funding led by Chinese lending company FinUp Finance Technology Group.
Existing investors of the Bengaluru-based startup such as Blume Ventures, Japan’s Das Capital, and Russia’s Simile Ventures also participated in the round. While the company didn’t disclose the amount, an ET report said that it’s in the range of $15 million.
The fresh capital infusion for SlicePay comes almost after a year when it closed $2 million Series-A round led by Japan’s Das Capital and Simile Ventures from Russia. Previously, it raised $500,000 in pre-Series A funds in February 2016 from Blume Ventures and Traxcn Labs with participation from a few other angel investors.
Currently operating in Bengaluru, Chennai, Pune, Hyderabad and Mumbai, SlicePay will deploy the Series A fund to expand its operation in tier I and tier II cities, mentions the company’s press statement.
Founded in November 2015, SlicePay enables college students to buy products and services online on monthly payment plans, without any collateral. Via its mobile app-based instant credit for the online purchase and cash transfer.
The millennials-focused startup has two major product lines – SlicePay Card and Micro Cash Loans. SlicePay Card, a MasterCard-powered card which customers can use for the online purchase.
According to SlicePay, most of the purchases are from e-commerce platforms like Flipkart, Myntra, Snapdeal and Amazon that majorly covers digital gadgets.
In February, last year, SliccePay had acquired Delhi-based peer-to-peer lending startup Trustio. It currently competes with a slew of new age loan providers Creditmate, KrazyBee, Redcarpetup, and several others.