In a strategic move that is set to reshape India's financial landscape, the fintech unicorn Slice has announced the completion of its merger with North East Small Finance Bank. This landmark transaction not only expands Slice's reach into the banking sector but also promises to deliver a more comprehensive suite of financial services to underserved communities across the country.

Empowering India's Youth with Innovative Financial Solutions

Revolutionizing the Payments and Credit Landscape

Slice, a trailblazer in the fintech industry, has long been focused on catering to the unique needs of India's youth. By centering its efforts on Millennials and Gen Z, the company has built a smart and transparent platform that aims to enhance the financial experience for these tech-savvy consumers. As a payment and credit startup, Slice's core offering revolves around providing users with payment cards that can seamlessly manage their daily transactions, with the added convenience of converting these payments into Equated Monthly Instalments (EMIs) without incurring additional costs.

Expanding into Traditional Banking Services

The merger with North East Small Finance Bank marks a significant milestone for Slice, as it now ventures into the realm of traditional banking. In addition to maintaining its existing digital payment and lending services, the combined entity will offer a range of banking products, including savings accounts and investment options. This strategic move not only diversifies Slice's portfolio but also provides its customers with a more comprehensive suite of financial services, catering to their evolving needs.

Unlocking Access to Capital and Lending Operations

The merger with North East Small Finance Bank also grants Slice direct control over its lending operations, while simultaneously providing access to capital at a decreased cost. This enhanced financial flexibility will enable the company to further optimize its product offerings and accelerate its product iterations, ultimately benefiting its growing customer base.

Leveraging Investor Backing for Sustained Growth

Slice's impressive investor portfolio, which includes the likes of Tiger Global, Insight Partners, and Blume Ventures, has played a crucial role in the company's success. When the merger was first announced in October 2023, Slice was valued at nearly USD 1.5 billion, underscoring the confidence that these renowned investors have placed in the company's ability to drive transformative change in India's financial sector.

Seamless Integration and Collaborative Efforts

The merger between Slice and North East Small Finance Bank has been in the works for over a year, with both teams working diligently to ensure a smooth and successful integration. Established in 2016, North East Small Finance Bank has a strong presence in India's northeastern region, serving customers with the backing of investors such as Pi Ventures, Bajaj Group, and SIDBI Venture Capital.

Expanding Reach and Enhancing Financial Inclusion

The combined entity's expanded reach and enhanced financial capabilities will enable it to better serve its shared interests and reach more consumers who have traditionally lacked access to basic banking services. By leveraging Slice's innovative digital solutions and North East Small Finance Bank's regional expertise, the merged organization is poised to drive greater financial inclusion and empower underserved communities across India.