๐ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐ฅ
โ
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator โ
Log In
News on Medial
Unicorn Slice eyes $100 million to fuel its banking dreams
Economic Times
ยท
1y ago
Medial
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.
View Source
Related News
slice Eyes $250โ300 Mn To Boost Its Digital Banking Play
Inc42
ยท
6m ago
Medial
Slice is aiming to raise between $250 million and $300 million to enhance its digital banking services. The company, known for its innovative payment solutions, plans to utilize the funds to expand its product offerings and improve customer experience. This funding round is part of Slice's strategy to solidify its position in the competitive fintech landscape. The investment will also support the development of new features and technologies to attract a broader user base. By focusing on digital banking, Slice aims to cater to the evolving needs of consumers, ultimately driving growth and increasing market share in the financial sector.
View Source
Slice completes merger with North East Small Finance Bank
Entrackr
ยท
9m ago
Medial
Fintech unicorn Slice has completed its merger with North East Small Finance Bank (NESFB), effective October 27, 2024. This milestone comes two months after Slice secured approval from the National Company Law Tribunal (NCLT) for the merger, which was first announced in October 2023. In March last year, Slice acquired a 5% stake in the Guwahati-headquartered bank for approximately $3.42 million. This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution, according to a press release from Slice. The new entity will offer a range of banking products, including savings accounts, fixed deposits, and credit services, with a seamless integration process that ensures uninterrupted service for existing customers. NESFBโs established presence in the Northeast will remain a focus, as the new entity aims to enhance financial inclusion and promote economic growth in the region. Satish Kumar Kalra, MD & CEO of NESFB, described the merger as a landmark development, highlighting its transformative potential for banking in India, particularly in the Northeast. Last month, Slice raised Rs 300 crore ($35 million) through convertible debentures, co-led by the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. The companyโs founder, Rajan Bajaj, also invested $8.6 million this month. Despite facing disruptions from the RBIโs regulatory changes for card issuers, Slice managed significant growth during FY23. The Bengaluru-based company recorded a threefold increase in revenue to Rs 843 crore in FY23, while losses grew by 59.8% to Rs 406 crore. It has yet to file its annual financial results for FY24.
View Source
Cred's head of risk Kunal Kashyap quits, set to join Slice
Economic Times
ยท
1y ago
Medial
Kunal Kashyap, former head of risk at fintech unicorn Cred, has resigned to join rival firm Slice, which is set to become a bank after merging with North East Small Finance Bank. Kashyap will be overseeing the credit business within the newly-formed bank once regulatory authorities approve the merger. Cred's credit business has become a significant revenue source, prompting Kashyap's departure. Slice is gearing up for banking operations and has appointed Satish Kumar Kalra as CEO for the banking entity. Slice reported an operating revenue of Rs 846 crore and a net loss of Rs 405 crore in FY23.
View Source
M2P Fintech Seeks To Tap PE Player Helios For $80 Mn Funding, Closer To Unicorn Tag
Inc42
ยท
10m ago
Medial
B2B fintech startup M2P is in discussions with Helios Investment Partners to secure around $80 million in a new funding round. The investment is expected to comprise approximately $50 million in primary infusion and $30 million in secondary infusion. This deal is anticipated to raise M2P's valuation to approximately $800 million, positioning them close to achieving unicorn status. M2P, founded in 2014, provides fintech API solutions to various companies in the payments, lending, and banking sectors, such as slice, CRED, Ola, and Razorpay.
View Source
Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru
Entrackr
ยท
1m ago
Medial
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.
View Source
How Norwest, TPG stand to mint money as SK Finance eyes $1 bn valuation in IPO
VCCircle
ยท
1y ago
Medial
Non-banking lender SK Finance is preparing for an initial public offering (IPO) and is eyeing a valuation of $1 billion. The company recently concluded a pre-IPO funding round worth $160 million from new investors such as Motilal Oswal Alternates and existing backers including TPG Growth. With this IPO, both Norwest and TPG stand to make significant profits. SK Finance aims to raise additional capital to fuel its growth and expand its operations in the non-banking financial sector.
View Source
Slice raises debt funding from Stride Ventures
Entrackr
ยท
1y ago
Medial
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.
View Source
CRED Hires sliceโs Arvind Kathpalia As Risk Advisor
Inc42
ยท
10m ago
Medial
- 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.
View Source
slice Ropes In Former Kotak Executive Arvind Kathpalia As Chief Risk Advisor
Inc42
ยท
1y ago
Medial
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.
View Source
Sequoia-backed Prataap Snacks on the block; Varde may back GMR
VCCircle
ยท
1y ago
Medial
Prataap Snacks, the maker of Yellow Diamond Chips, is reportedly in discussions to sell a controlling stake, with Sequoia Capital leading the transaction. The founders, Mehta and Kumat families, may also be involved in the stake sale. Meanwhile, Varde Partners is considering investing in GMR Airports' upcoming bond sale. Fintech unicorn Slice is seeking $100 million in equity funding for the merged entity with North East Small Finance Bank. However, an investment deal between Walmart-backed PhonePe and Dunzo's merchant network business did not progress due to concerns about majority ownership by Walmart.
View Source
Trackers
Active Indian VCโs
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything thatโs happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in