India-based digital bank Slice has raised USD 100 million at a USD 450 million valuation, led by Neo Wealth.
According to the announcement, the round was led by India-based wealth management platform Neo Wealth, with participation from Japan-based Kado Global, US-based Moore Strategic Ventures, and Raise Financial, the parent company of trading platform Dhan, among other investors. According to sources cited in the report, the USD 100 million round comprised both primary and secondary transactions.
The new valuation represents a decline from Slice's peak of USD 1.5 billion, reached in 2022, when the company raised USD 50 million in a Series C round led by existing backer Tiger Global, with participation from Moore Strategic Ventures and Insight Partners. Slice attained unicorn status in November 2021, following a USD 200 million Series B round.
According to a filing with India's Registrar of Companies, Slice's board has approved the issuance of 40.347 compulsory convertible debentures worth approximately USD 42.5 million. The proposed allottees include Moore Strategic Ventures, Kado Global, Neo Secondaries Fund, Blume Ventures, Raise Financial, DSP Investment, and a number of angel investors. Separately, the board approved the issuance of partly paid-up shares worth approximately USD 8.6 million to Neo Wealth.
Return to profitability
The funding round follows Slice's transition into a digital bank and its return to profitability. The company reported a net profit of approximately USD 5.1 million in the financial year ending March 2026 (FY26), compared with a loss of approximately USD 22.9 million in FY25. It has carried the momentum into FY27, reporting a net profit of approximately USD 5.4 million in the first quarter.
In 2025, Slice Bank aimed to raise USD 300 million in funding, planning to leverage the funds to support its pan-India expansion strategy, with the company focusing on scaling its customer base, intending to grow from the current 11 million users to over 70 million by the end of 2030. The announcement came a few months after Slice completed its merger with North East Small Finance Bank, with the company entering India’s banking sector. The move was set to enable Slice to become a banking entity in the region while also allowing it to better serve the combined entity’s shared interests and reach more consumers who traditionally lacked access to basic banking. Slice received approval from the central bank to proceed with the merger back in October 2023.
