From freelancers to enterprise homeowners, how SlayPay permits everybody to have entry to a bank card | All Tech Sir

Regardless of working with many startups in development and advertising, and incomes an honest earnings, Sidhant Ryan Malhotra was denied bank cards and overdraft services by a number of banks when he began his enterprise SlayPay, a monetary wellness app that helps customers increase their credit score rating whereas creating wealth. 9 p.c return on their funding.


Because the eligibility standards for bank cards in India may be very excessive, its penetration is low. “Banks have a excessive rejection fee as a result of they’re targeted on servicing prospects with common earnings streams, leaving out a big section of the inhabitants together with the self-employed/entrepreneurs, freelancers, -students and enterprise homeowners amongst others,” he added. Sidhantthe co-founder and CEO of SlayPay.

Opening credit score doorways to 200 million new Indians

Sidhant discovered that even a couple of billion lively cost playing cards exist in India, of which solely 7 p.c are bank cards. This 7 p.c is proscribed to solely 40 million distinctive customers – leaving a big majority of Indians exterior the credit score ecosystem.

To bridge this hole and capitalize on the chance, Sidhant teamed up with Amarpreet Singh, an MBA graduate with over 18 years of expertise within the company world, serving to firms of scale together with Walmart and 1mg. Speaking about beginning SlayPay, and onboarding individuals like enterprise homeowners, freelancers and self-employed professionals who’ve been denied bank cards by conventional monetary establishments, Sidhant mentioned, “ We offer customers with credit score limits on SlayPay playing cards towards their investments in fastened deposits, mutual funds, P2P and digital gold amongst others.”

What makes SlayPay totally different?

Speaking in regards to the significance of bank cards, Amarpreet mentioned that bank cards assist customers construct their credit score historical past and credit score scores, that are necessary for getting loans sooner or later. “However, within the case of most conventional bank cards, in case you fail to pay on time, you will have to pay excessive curiosity and late charges. This may also have an effect on your credit score rating,” provides Sidhant.

Identical to conventional bank cards, SlayPay playing cards are accepted in any respect cost terminal machines, on-line cost gateways and ATMs together with all public transit terminals nationwide. Furthermore, SlayPay not solely affords 30 days of interest-free credit score like conventional bank cards, but in addition gives an extra 15 days to pay the due quantity.

In line with the founders of SlayPay, these bank cards are greater than conventional bank cards. SlayPay permits the person to pay the minimal quantity on their card with their investments, with none further charges. These well timed funds are reported to the key credit score bureaus every month, serving to customers enhance their credit score scores.

“With SlayPay, customers can begin constructing a great credit score rating, earn rewards and revel in safe funds with none annual, becoming a member of, late and hidden cost charges or any eligibility standards . Additional, SlayPay permits its customers to concurrently construct an funding portfolio that earns excessive returns together with bank card services,” shared Amarpreet.


What makes SlayPay a trusted model?

In addition to being supported by Indian and American traders, SlayPay has additionally been awarded by the Reserve Financial institution of India for its innovation in funds. “SlayPay known as India’s first credit score rating builder card which helps place itself in a different way from different friends,” added Sidhant. Although many startups within the credit score ecosystem have been issuing strains of credit score on pay as you go playing cards, that is now restricted by RBI orders.

In contrast to different monetary startups on this sector, SlayPay has obtained a legitimate bank-backed bank card BIN. “Moreover, this use-case of ‘credit score rating builder card’ is a brand new idea for the Indian market. We have now already seen this use case scale efficiently within the west with startups like Chime, reaching tens of millions of customers with billion greenback ($25 billion) valuations,” added Sidhant.

Speaking about SlayPay’s enterprise mannequin, Amarpreet mentioned, “Our enterprise mannequin has proven constructive unit economics from day one and we have now a number of income streams with a really robust CAC-LTV ratio. We plan develop SlayPay aggressively by including greater than 5 million in a couple of years and taking a look at an annual GTV of Rs 30,000 crore”.

SlayPay is presently closing its pre-series A spherical of funding, and the corporate can be seeking to launch wearables and UPI funds on their platform quickly – permitting customers to pay in any respect shops and public transport utilizing their telephones.

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