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CCI approves fintech unicorn slice's merger with North East SFB

IndianStartupNews

IndianStartupNews · 1y ago

CCI approves fintech unicorn slice's merger with North East SFB

The Competition Commission of India (CCI) has given approval for the merger between fintech unicorn slice and North East Small Finance Bank (NESFB). The merger will integrate slice's parent company, Garagepreneurs Internet Private Limited (GIPL), its NBFC arm Quadrillion Finance, and subsidiary Intergalactory Foundry Private Limited (IFPL) with NESFB and its subsidiary RGVN (North-East) Microfinance Limited. The merger is expected to expand slice's service offerings, improve its underwriting capabilities, and enhance the customer experience. Slice aims to navigate regulatory challenges and expand its market presence through this strategic move.

Related News

Slice's merger with North East Small Finance Bank gets CCI nod

Inshorts · 1y ago

Slice's merger with North East Small Finance Bank gets CCI nod

The Competition Commission of India (CCI) on Tuesday approved the merger of fintech startup slice's parent Garagepreneurs Internet Private Limited and North East Small Finance Bank. The merger received approval from the RBI last year. The startup, which became a unicorn in 2021, announced acquiring a 5% stake in the Guwahati-headquartered bank in March 2023.

CCI Greenlights Slice’s Merger With North East SFB

Inc42 · 1y ago

CCI Greenlights Slice’s Merger With North East SFB

The Competition Commission of India (CCI) has approved the merger of fintech unicorn slice with North East Small Finance Bank. The merger will cover slice's parent company GIPL, its NBFC arm Quadrillion Finance, and its subsidiary IFPL, as well as the bank's subsidiary RGVN (North-East) Microfinance Limited. This approval clears the way for the merger, with the filing of the composite scheme of amalgamation before the National Company Law Tribunal (NCLT) being the remaining step. The merger was announced in October 2023, with slice looking to expand its offerings and streamline customer experience.

slice to rebrand as Small Finance Bank, plans fundraise for expansion

YourStory

YourStory · 5m ago

slice to rebrand as Small Finance Bank, plans fundraise for expansion

Fintech startup slice will merge with North East Small Finance Bank (NESFB) to form slice Small Finance Bank Limited (slice SFB), India’s first fintech bank, with partial regulatory approval, including an RBI NOC. The merger aims for nationwide expansion, offering varied financial products. Post-merger, the bank's net worth rose to Rs 912.58 crore with improved financial ratios. Slice SFB plans to raise $250-300 million, expanding its customer base and workforce significantly.

NCLT approves merger of Slice and North East Small Finance Bank

Economic Times

Economic Times · 11m ago

NCLT approves merger of Slice and North East Small Finance Bank

The National Company Law Tribunal (NCLT) has approved the merger of Slice with North East Small Finance Bank. This finalizes the merger of the Bengaluru-based fintech company with the Guwahati-based bank. The Reserve Bank of India had already given its approval in October. The merger involves several entities including Slice, Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited. The merger will enable Slice to offer technology-backed financial services to customers of North East Small Finance Bank.

CCI approves merger of Slice with North East Small Finance Bank

Economic Times

Economic Times · 1y ago

CCI approves merger of Slice with North East Small Finance Bank

The Competition Commission of India (CCI) has given approval for the merger between fintech startup Slice and North East Small Finance Bank (NESFB). The merger will involve Garagepreneurs Internet merging with its NBFC Quadrillion Finance, and the combined entity along with RGVN Microfinance merging with NESFB. The merger scheme is yet to be approved by the National Company Law Tribunal to be fully completed. The merged entity aims to operate in the financial services sector, offering digital payments, deposits, lending, and mutual fund services. Satish Kumar Kalra has been appointed as the CEO of the merged entity. Slice is also seeking $100 million in equity funding.

Slice Small Finance Bank turns profitable on monthly basis; targets IPO in 3–4 years - The Economic Times

Economic Times

Economic Times · 18d ago

Slice Small Finance Bank turns profitable on monthly basis; targets IPO in 3–4 years - The Economic Times

Slice Small Finance Bank (SFB) recently became profitable as a consolidated entity, following its merger with North East SFB in October 2024. The bank, which now includes Quadrillion Finance, aims for net profitability this quarter. Despite past losses at the consolidated level, Slice SFB is making progress, doubling deposits in six months and adding 300,000 customers monthly. The bank plans a public listing in 3-4 years and is developing a digital banking platform leveraging UPI.

Slice SFB aiming to close FY26 in the black; not looking to raise any capital - The Economic Times

Economic Times

Economic Times · 17d ago

Slice SFB aiming to close FY26 in the black; not looking to raise any capital - The Economic Times

Slice Small Finance Bank, formed from a merger between fintech Slice and North East SFB, is now profitable monthly and targets FY26 for full-year profitability. The bank, led by Executive Director Rajan Bajaj, is well-capitalized and not seeking additional funds. Its strategy focuses on pan-India expansion via digital channels without further mergers. They aim to transition to a universal bank, expanding services like consumer credit and UPI-based credit cards, targeting underserved banking populations.

slice Ropes In Former Kotak Executive Arvind Kathpalia As Chief Risk Advisor

Inc42 · 1y ago

slice Ropes In Former Kotak Executive Arvind Kathpalia As Chief Risk Advisor

Fintech unicorn slice has appointed Arvind Kathpalia, the group president and chief risk officer at Kotak Mahindra Bank, as its chief risk advisor. This comes after the Competition Commission of India approved the merger of slice with North East Small Finance Bank. In his new role, Kathpalia will focus on providing risk advisory and enhancing the risk management systems during the merger process. Slice, formerly known as slicepay, initially operated as a buy now, pay later platform before pivoting to offer personal loans and UPI payment services.

Slice raises debt funding from Stride Ventures

Entrackr

Entrackr · 1y ago

Slice raises debt funding from Stride Ventures

Slice, the fintech unicorn and credit card alternative, has raised Rs 75 crore ($9 million) in debt funding from Stride Ventures, marking its maiden funding in 2023. The company issued non-convertible debentures with an interest rate of 14.25% per annum, and the tenure for this allotment is 15 months. This debt round has the potential to reach Rs 300 crore ($35 million). Slice recently announced its merger with North East Small Finance Bank (NESFB) and has raised a total of $340 million to date.

MENA Digest: Deal activity picks up with two big Series A funding

VCCircle

VCCircle · 10m ago

MENA Digest: Deal activity picks up with two big Series A funding

Fintech startups in the Middle East and North Africa region saw increased deal activity, with UAE's Ziina and Saudi startup Malaa securing double-digit Series A funding. Other startups that received funding included Reachware, WattNow, Cercli, and a Saudi-based unicorn.

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