India-based fintech unicorn Slice has announced the completion of its merger with North East Small Finance Bank , with the former entering the region’s banking sector. Initially proposed in October 2023 and following a period of regulatory scrutiny, the merger is set to allow Slice to become a banking entity in India.

Back when it secured approval to proceed with the merger, Slice mentioned that the move would enable the combined entity to better serve its shared interests and reach more consumers who traditionally lacked access to basic banking services. At that time, the merger also worked towards allowing the new entity to augment its product offerings and accelerate its product iterations. Moreover, since the start of its operations, Slice has been centring its efforts on India’s youth, with the company intending to build a smart and transparent platform to augment the financial experience for Millennials and Gen Z.

As a payment and credit startup, Slice aims to extend payment cards to manage users’ daily payments, which can also be converted into Equated Monthly Instalments for increasing convenience for customers without additional costs. Traditional banking services and optimised customer experiences In addition to maintaining its existing digital payment and lending services, Slice is set to expand into traditional banking with offerings such as saving accounts and investment products. Also, the merger with North East Finance Bank provides the Indian startup with access to capital at a decreased cost and direct control over its lending operations.

Having Tiger Global, Insight Partners, and Blume Ventures among its investors, Slice was valued at nearly USD 1.5 billion when the merger was first announced in October 2023. When commenting on the announcement, representatives from Slice underlined that the merger has been in progress for over a year, with both their company and North East Finance Bank’s teams working to complete the move. Established in 2016, North East Finance Bank serves customers in India’s north eastern region, having Pi Ventures, Bajaj Group, and SIDBI Venture Capital as its investors.

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