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Slice Small Finance Bank
From Wikipedia, the free encyclopedia
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Slice Small Finance Bank (doing business as slice)[3][4] is an Indian small finance bank based in Bengaluru. It was formed as a result of the merger between fintech company Slice and North East Small Finance Bank (NESFB).[5]
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History
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Slice
Slice was founded in January 2016 as SlicePay, a fintech company offering buy now, pay later and credit lines for students and young professionals.[6][7][8] In January 2019, the company received a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI).[9] Later that year, Slice launched its prepaid card in partnership with Visa and SBM Bank India.[10]
In November 2021, Slice became a unicorn company, after raising about $220 million.[11] By mid-2022, it was reportedly issuing over 300,000 prepaid cards per month,[12][13] having positioned itself as a credit card challenger.[14][15] However, after the RBI's June 2022 directive barring NBFC companies from issuing credit lines on prepaid payment instruments, the company discontinued prepaid cards to comply with the new norms.[16][17]
NESFB merger
North East Small Finance Bank (NESFB) was established in July 2016, and was one of the 10 financial institutions to be granted a small finance bank license by the RBI in 2015.[18][19][20]
In October 2023, Slice announced that it would merge with North East Small Finance Bank (NESFB), marking the first instance of a fintech company merging with a bank in India.[21][22][23][24] The merger was completed in October 2024 after regulatory scrutiny.[25][26][27][28] The merged entity was renamed as Slice Small Finance Bank in May 2025.[29][30]
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Funding
As of December 2024, Slice has raised $387 million in funding across multiple rounds from investors such as Tiger Global, Insight Partners, and Blume Ventures.[31]
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References
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