 "Fintech unicorn Slice announces merger with North East Small Finance Bank")
Slice, a financial technology company, said on Wednesday Slice and North East Small Finance Bank (NESFB) has merged with it after getting approval from the Reserve Bank of India (RBI).
The merger will help the two companies realise their shared goal of "integrating cutting-edge technology offerings" with grassroots financial inclusion efforts, said Slice. Shareholding details of the merger are not known yet.
Slice and NESFB customers will have access to a broad range of products and omnichannel offerings. “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,” said Rajan Bajaj, founder and chief executive officer (CEO) of Slice.
NESFB, which will continue to service parts of Northeast India, said collaborating with Slice will help it support the underserved in the financial services space.
“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,” said Rupali Kalita, managing director and CEO of NESFB.
Slice was valued at $1.8 billion as of March 2023, as per data by market analytics platform Tracxn.
Slice, among other fintechs, had stopped issuing prepaid cards loaded with credit line after the RBI issued a circular banning credit over prepaid payment instruments (PPIs).