Online credit and payments startup Slice, formerly known as SlicePay, has raised ₹46 crore in a pre-series B round led by Japan-based investor Gunosy Capital.

The round also saw participation from US-based EMVC, Kunal Shah of CRED, Better Capital and existing investor Das Capital. This round of funding will help Slice double its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards.

Founded in 2016, Slice offers a pre-approved credit product targeted at students. The app is built on the premise that students and millennials are the biggest consumers of delivery apps, online shopping, travel and entertainment but may not always have cash-in-hand to buy something of their choice immediately.

Slice offers credit to consumers using both physical and a virtual card, designed exclusively for young customers in India that include freelancers, college students, and salaried professionals. It enables students to buy daily goods and services online from various platforms. Its partners include Flipkart, Amazon, BookMyShow, Myntra, Uber Eats, and Paytm.