Slice, a Bangalore-based startup, has launched a card with INR 2,000 ($27) as the default limit to tap the country’s underbanked population. Rajan Bajaj, founder and chief executive of Slice, said that the startup’s new credit limit card — considerably lower than the industry’s lowest of about $270 — is aimed at those who do not have a great credit score — or any score — and slowly help them build it. The startup began disbursing as many as 100,000 new supercards to users each month and is not charging any joining fee or annual fee. The startup, which raised $20 million in a financing round two months ago, is hoping to issue about one million of these new cards to users by the end of March 2022.
News source: TechCrunch