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Slice completes merger with North East Small Finance Bank

EntrackrEntrackr · 9m ago
Slice completes merger with North East Small Finance Bank
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. NESFB’s 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 company’s founder, Rajan Bajaj, also invested $8.6 million this month. Despite facing disruptions from the RBI’s 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.

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

EntrackrEntrackr · 2m ago
Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru
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.

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