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News

Slice secures approval to merge with a bank

Wednesday 4 October 2023 15:24 CET | News

India-based unicorn fintech, Slice, has announced its merger with North East Small Finance Bank after receiving approval from the central bank. 

Slice stated that the merger with the bank will allow the combined entity to better serve its shared mission and reach more consumers who currently lack access to basic banking services. 


The merger, which followed Slice's earlier acquisition of a 10% stake in the lender in recent quarters, intends to also enable the new entity to enhance its product offerings and accelerate its product iterations. 

The Reserve Bank of India clarified a range of guidelines in 2022 that impacted scores of startups including Slice, making changes that challenged how many firms issued cards. 

Slice was valued at about USD 1.5 billion in its previous funding round in 2022. Its first investment in North East Small Finance Bank last year valued the lender at about USD 68 million. 

India-based unicorn fintech, Slice, has announced its merger with North East Small Finance Bank after receiving approval from the central bank.

India's change in banking  

India is undergoing a banking phase, with banks and fintech startups forging a variety of tie-ups. Federal Bank and SBM Bank India have increasingly engaged startups to boost their businesses in recent years, and larger banks alike are also embracing the idea. 

Merging with a bank or obtaining a banking license continues to be rare in the South Asian market. The central bank in India has largely rejected all applications for universal banks in recent years, making this merger with Slice an infrequent event. 

About Slice 

Slice is a fintech company focused on India's youth. It aims to build a smart, innovative, and transparent platform to redesign the financial experience for millennials and GenZ. It is a payment and credit startup that extends hassle-free payment cards to deal with users’ daily payments, which can also be converted into Equated Monthly Instalments for the convivence of the user without any added expense. 

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Keywords: merger, banking, fintech, Unicorn, financial services
Categories: Banking & Fintech
Companies: North East Small Finance Bank, slice
Countries: India
This article is part of category

Banking & Fintech

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North East Small Finance Bank

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