Recently launched fintech app Slaypay – India’s first credit score booster app, is all set to disrupt the Indian BFSI market. Slaypay assists users in improving their credit scores while earning them 9% returns on their investments. Slaypay aims to assist Indian youth in establishing and improving their credit scores so that they can qualify for better loans at more favourable interest rates in the future. As a person’s credit score plays an important part in the application process for loans, Slaypay users can improve their chances of getting loan approvals at favourable interest rates. Additionally, the app includes a payment card that is compatible with all card machines, websites, and public transportation systems.
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“India has a rising aspirational middle class that requires loans to get cars, houses & a lifestyle of their dreams. A healthy credit score is a basic prerequisite for any of it to materialise. We put India’s youth on the right path to build credit”, said Sidhant Ryan Malhotra (Founder & CEO, SlayPay). A lot of young users are seen investing in volatile non-regulated instruments in lieu of making good returns. With SlayPay we aim to provide a reliable & regulated environment whilst keeping higher returns intact”
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The Slaypay Card comes with enhanced safety and eight-point protection with features such as numberless card design, improved fraud prevention, quick alerts, and more. Slaypay also allows its users to customise their card with photos, messages, memes, and other content of their own. It’s the 1st ever payment card without a magnetic stripe which prevents card spoofing. Slaypay enables its users to invest in an RBI-approved P2P investing platform and earn up to 9% annual interest, which is much higher than conventional investment/saving choices such as fixed deposits and savings accounts, returns that are 2.5 times more than savings accounts and 1.5 times greater than time deposits.
Slaypay is backed by Indian and American investors such as TiE SoCal, Nueva Capital, Angelist, and others; its waitlist seems to have attracted early users, as it had grown to more than 50,000 pre-registrations even before its debut. Users who were previously placed on a waiting list are now being added in batches on a monthly basis.
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