Slice Acquires North East Small Finance Bank in Historic Fintech Deal
The acquisition makes Slice the first fintech to own a banking license, creating a path for others to follow.
Key Facts
| Detail | Value |
|---|---|
| Deal size | ₹425 crore |
| Sector | Slice |
| Coverage | Startup News |
In a landmark deal for Indian fintech, Slice has completed its acquisition of North East Small Finance Bank. The ₹425 crore transaction, first announced in 2022, received final RBI approval this month.
A First for Indian Fintech
Slice becomes the first major fintech to own a banking license, allowing it to offer deposits, lending, and other banking services directly rather than through partner banks.
"This changes everything for us," says Slice founder Rajan Bajaj. "We can now control the entire customer experience and build products that weren't possible before."
What This Means
For Slice
For the Industry
Integration Timeline
Slice plans a 12-month integration:
The Competitive Landscape
With this move, Slice joins a small club of neo-banks with actual banking licenses. Fi, Jupiter, and Niyo continue to operate on the partner bank model.
Reported by Ananya Raghavan. Spotted an error in this story? Request a correction or email corrections@startupory.com. See our editorial policy.
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