- ByStartupStory | February 6, 2024
Fintech firm slice has announced the availability of its UPI-first account to all users, following a successful three-month beta testing period with its existing customer base. The Bengaluru-based company stated that the UPI-first account offers users a UPI handle (@slice) and a virtual account. Customers can add funds to the virtual account and make purchases through UPI or card transactions, or they can link additional bank accounts as needed.
The UPI-first account includes autoload functionality, which streamlines transactions and automates recurring payments, according to the consumer payments and credit company. Last March, slice invested $3.42 million to acquire a 5% equity stake in Guwahati-based North East Small Finance Bank. The fintech had been seeking a turnaround in its business after an RBI notification that aimed to prohibit non-bank PPIs (prepaid payment instruments) from extending credit lines affected its core operations. The fintech unicorn received final authorization from the RBI for its PPI license in September 2023, following the initial in-principle approval received in October 2022.
The fully KYC-compliant prepaid account is now available to everyone, including teenagers, expanding its user base. Founded in 2016 by Rajan Bajaj, slice offers financial services and online platforms that facilitate credit facilities, prepaid cards, electronic vouchers, and software products, streamlining business transactions across various industries. slice experienced a nearly threefold increase in revenues during the fiscal year 2023, driven by a surge in service sales. Revenues from operations surged to Rs 846.74 crore from Rs 283 crore in the previous fiscal year. Despite the revenue growth, the company’s losses widened by 60% to Rs 405.78 crore in FY23, compared to Rs 253.67 crore in FY22.
