BENGALURU: Fintech unicorn Slice is merging with North East Small Finance Bank (NESFB). Slice has received a nod from the Reserve Bank of India (RBI) and said the merger will help realise their goal of integrating technology offerings with grassroots financial inclusion efforts.
Slice is backed by investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital, and it has cumulatively raised $290 million in its series A, B, and C rounds. In November 2021, Slice entered the unicorn club. It had then said that the funding would be used to expand and strengthen its presence in the payments space.
Rajan Bajaj, Founder and CEO, Slice, said, "We will further strengthen our risk underwriting through the use of technology and data. 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."
Rupali Kalita, MD and CEO, NESFB said, "This alliance with Slice marks an exciting expansion of our reach and enhancement of our services. We will continue to fortify the bank governance, with continuous improvements in compliance, risk management, and leadership."
NESFB will continue its service to North East India, and customers of both entities will have a broader range of products and omnichannel offerings, it said. NESFB has a network of branches spanning across nine states.