Slice; a card fintech unicorn receives PPI license from RBI.

Founded in 2016 by Mr. Rajan Bajaj, the Card-fintech unicorn offers credit cards to young customers, particularly millennials with no credit history. In May this year, fintech unicorn unveiled plans of offering UPI services to its customers. It claimed back then to have 10 million customers that were on its waitlist and sought to onboard the platform. 

Slice a card fintech unicorn has received its prepaid payment instrument (PPI) license from the Reserve Bank of India. RBI’s nod to PPI license to Slice comes after the fintech firm came under pressure and scrutiny earlier this year after the banking regulator barred prepaid cards from being loaded with credit lines anymore.

Media sources reported that the fintech Unicorn Company has received the PPI license from the Central bank and its product has gone live with a few select users as well. With this, the fintech startup is hoping to accept more users who are looking to come to Slice.”

Slice will promote this new user base of teenage kids to spend up to Rs. 10K every month, adhering to the RBI’s regulations that allow small PPI players to load up to Rs. 10K per month and not more than Rs. 1.2 Lakh within a fiscal year.

Founded in 2016 by Mr. Rajan Bajaj, the Card-fintech unicorn offers credit cards to young customers, particularly millennials with no credit history. In May this year, fintech card unicorn unveiled plans of offering UPI services to its customers. It claimed back then to have 10 million customers that were on its waitlist and sought to onboard the platform. The unicorn was also planning to enable Near Field Communication-based (NFC) contactless payments on the app. 

Slice secured $50 Mn in a Series C funding round led by VC firm Tiger Global. The round also witnessed participation from Moore Strategic Ventures, Insight Partners and GMO VenturePartners. Before that, it unveiled an ESOP buyback of INR 65 Cr ($8.6 Mn) in February of this year for about 60 former and existing employees. 

In the last few months of this year, Mufin Finance, MSwipe, and OmniCard are also some fintech companies that have been granted PPI licenses by the central bank. India’s fintech market is anticipated to become a $1.3 Tn by 2025. Of this, lendingtech is a sub-sector capturing 32% ($616 Bn) by the forecasted period, according to a report.