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

Economic Times

Economic Times · 1d 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.

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Related News

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

Economic Times

Economic Times · 21h 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 rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Entrackr

Entrackr · 1d ago

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru According to the company, the Slice UPI credit card comes with no joining or annual charges. Users can scan QR codes or make UPI payments to access their credit lines. Fintech company Slice has launched a UPI credit card and opened a UPI-powered physical bank branch in Bengaluru, following its merger with North East Small Finance Bank. The Slice UPI credit card offers up to 3% cashback on all spends and includes a feature called Slice in 3, allowing customers to convert purchases into three interest-free instalments. The newly opened branch in Koramangala includes UPI-integrated services, self-service kiosks, and a UPI-enabled ATM supporting deposits and withdrawals. Customers can also open accounts and access other banking products at the branch. Slice aims to integrate credit more closely with UPI and expand access to users outside the traditional credit ecosystem. Unlike most fintech companies that rely on third-party banking partners, Slice operates as a bank, controlling its infrastructure, including core banking systems and credit underwriting. Slice recently passed a resolution to rebrand North East Small Finance Bank as Slice Small Finance Bank. The merger was completed in October last year. In a media interview, Slice founder Rajan Bajaj said the bank has turned profitable on a monthly basis and the group aims to go public in the next three to four years. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. Tiger Global is the largest stakeholder, followed by Insight Partners.

After years of burn, Slice plots FY26 profit turnaround

Livemint

Livemint · 17h 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.

NCLT approves merger of Slice and North East Small Finance Bank

Economic Times

Economic Times · 10m 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.

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.

Slice Bank in talks to raise $250 million to expand its digital banking operations

Economic Times

Economic Times · 5m ago

Slice Bank in talks to raise $250 million to expand its digital banking operations

Slice Bank, a fintech small finance bank, is raising $250-300 million to expand operations after merging with North East Small Finance Bank, receiving RBI approval. The Bengaluru-based company is transitioning to a national digital small finance bank, offering aggressive interest rates on savings accounts and planning to expand its physical and digital footprint. Slice Bank aims to introduce merchant lending and payment settlements, targeting fee-based income, and reaching over 70 million customers by FY30.

CRED Hires slice’s Arvind Kathpalia As Risk Advisor

Inc42 · 8m ago

CRED Hires slice’s Arvind Kathpalia As Risk Advisor

- Kathpalia joined slice in May to support its newly merged banking unit with North East Small Finance Bank. - Kathpalia is currently working with slice and his appointment with CRED does not restrict him from working with its rival. - Prior to slice, Kathpalia has worked with prominent organizations such as Kotak Group, ANZ Grindlays, and Standard Chartered 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.

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.

Unicorn Slice eyes $100 million to fuel its banking dreams

Economic Times

Economic Times · 1y ago

Unicorn Slice eyes $100 million to fuel its banking dreams

Fintech unicorn Slice is reportedly in talks for a $100 million equity funding round to support its banking ambitions. The funding would be directed towards the new entity formed by the merger of Slice and North East Small Finance Bank. Slice is looking for an external investor to lead the round, although discussions are still in the early stages and may take a few months to finalize. The funding is necessary to maintain the capital adequacy ratio of the merged bank and meet regulatory requirements.

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