Industry Updates

slice and North East Small Finance Bank to Merge

Published: October 4, 2023
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Fintech unicorn slice and North East Small Finance Bank (NESFB) are pleased to announce their upcoming merger in a pathbreaking move to accelerate their joint vision of expanding tech-enabled financial accessibility across the nation. Having received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI), the merger will help realize their shared goal of integrating cutting-edge technology offerings with grassroots financial inclusion efforts.

Fintech Unicorn slice merges with North East Small Finance Bank

Accelerating Financial Inclusion and Technological Integration

This merger, pending requisite shareholders consent and other regulatory approvals, brings together slice’s digital prowess and NESFB’s grassroots banking foundation. The combined entity supercharges its commitment to financial accessibility and will bring an unparalleled digital banking experience to its customers.

This merger is also emblematic of RBI’s unwavering commitment to fostering innovation and promoting digital financial inclusion.

Commenting on the merger, Rajan Bajaj, Founder & CEO, slice, said, “We’re grateful to the RBI for entrusting us with this immense responsibility. At slice, our unyielding devotion to customers and robust risk management have set us apart. This approach allows us to serve a wider audience, including those often overlooked, while also building a deep emotional connection with our customers. We will further strengthen our risk underwriting through the use of technology and data, and always keep customers at the heart of our decisions. We see this as an opportunity to build a highly inclusive and responsible bank, offering an unparalleled experience, underpinned by robust risk management and strong governance.”

Ms. Rupali Kalita, MD & CEO, NESFB, added, “This alliance with slice marks an exciting expansion of our reach and enhancement of our services. Dedicated to supporting the underserved, our collaboration is bolstered by slice’s innovative technology and a keen emphasis on customer experience. Meanwhile, we will continue to fortify the bank governance, with continuous improvements in compliance, risk management, and leadership. Together, we strive to deliver accessible and exceptional services, fostering inclusive and responsible banking for all.”

NESFB will continue its dedicated service to North East India, merging technology with deep community understanding to offer top-tier financial services to the region. This synergy of technology and empathy will not only bolster their enduring promise to the North East but also facilitate the extension of financial inclusion across the nation.

Customers of both entities will have a broader range of products, omnichannel offerings, and a seamless experience in the future. In the upcoming months, there will be an integration process with both entities working diligently to ensure a smooth transition for all customers.

This merger is a significant step forward in enhancing financial inclusivity using cutting-edge tech solutions, driving innovation, and setting new benchmarks in the industry.

About slice: slice, feel easy with money.

slice is India’s leading consumer payments and credit company focused on providing financial services to Indians. Trusted by 15 million Indians, slice is a market leader in this rapidly growing segment. The company aims to build a smart, innovative, and transparent financial platform that is loved by its consumers. slice app brings a fast and simple way to make payments and access credit through its cornerstone products: slice account, slice UPI, and slice borrow.

slice’s purpose is to make the world better at using money and time, with a major focus on providing the best consumer experience.

Backed by leading investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital, slice has cumulatively raised $290mn in its series A, B, and C rounds.

For more information, please visit www.sliceit.com.

About North East Small Finance Bank: your doorstep banker.

NESFB stands as the sole small financial bank in the North-Eastern region of India, boasting an extensive network of branches spanning across 9 states. As a preferred banking institution, NESFB offers a comprehensive suite of financial services, encompassing bank accounts, deposits, cards, loans, and mutual funds. NESFB is committed to meeting the diverse financial requirements of individuals by delivering well-suited financial products and services promptly, conveniently, and responsibly. Leveraging doorstep banking and cutting-edge technology, NESFB plays a pivotal role in fostering sustainable growth within the broader community.

For more information, please visit nesfb.com/index.

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