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slice Gets NCLT Nod For Merger With North East Small Finance Bank

Inc42 · 1y ago

slice Gets NCLT Nod For Merger With North East Small Finance Bank

The NCLT's Guwahati bench has approved the scheme of arrangement and amalgamation between slice and North East Small Finance Bank. The proposed merger was also approved by the Competition Commission of India in March. The companies will now announce the effective merger date and provide information about the merged entity in the future.

Related News

NCLT approves merger of Slice and North East Small Finance Bank

Economic Times

Economic Times · 1y 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 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 · 7m 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.

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.

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.

Exclusive: Fintech Unicorn slice Raises $20 Mn Debt From Neo Asset Management

Inc42 · 1y ago

Exclusive: Fintech Unicorn slice Raises $20 Mn Debt From Neo Asset Management

Slice, a fintech startup, has secured $20 million as part of a $30 million debt round. The remaining amount is expected to be received soon. The funding will be used for corporate purposes and working capital requirements. Additionally, slice recently gained approval from the Competition Commission of India for its merger with North East Small Finance Bank.

Fintech Slice merges with North East Small Finance Bank

Economic Times

Economic Times · 1y ago

Fintech Slice merges with North East Small Finance Bank

Fintech company Slice is set to acquire North East Small Finance Bank (NESFB) after receiving approval from the Reserve Bank of India (RBI). While awaiting shareholder consent and other regulatory approvals, Slice, backed by Tiger Global and RTP Global, plans to merge with NESFB. This move comes as Slice, originally an NBFC, faced the option of converting into a bank or acquiring one. The recent RBI directive prohibiting loading credit lines on prepaid cards affected Slice, prompting the merger.

After years of burn, Slice plots FY26 profit turnaround

Livemint

Livemint · 2m ago

After years of burn, Slice plots FY26 profit turnaround

Slice, a fintech startup, transformed into a full-stack digital bank following its merger with North East Small Finance Bank, amid regulatory challenges. Previously hindered by an RBI circular in 2022 that impacted its credit line offerings via prepaid payment instruments, this strategic move helped Slice stabilize and revitalize its business model. The company, now operating as a regulated bank, aims for full-year profitability by FY26 after achieving monthly profitability.

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

Economic Times

Economic Times · 2m 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 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.

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