Slice
“Can a fintech that became a bank build India's most loved consumer bank by fusing UPI-native credit with transparent, repo-linked savings?”
Founded2016
HQBengaluru, Karnataka, India
FoundersRajan Bajaj
Total raisedunknown
Latest roundSeries C ($50M, 2022)
Valuation$1.5B-$1.8B (2022)
IndustryFintech / Neobank
The story
Founded 2016 as SlicePay, a student-focused BNPL fintech. Pivoted to a UPI-credit-card-led consumer fintech in 2019-2021 under partnerships with SBM Bank India and Visa. After RBI's 2022 crackdown on PPI-based credit lines disrupted the original business model, Slice pursued and completed a merger with North East Small Finance Bank in 2024 — transforming itself from a card-issuing fintech into a chartered small finance bank. It now operates a full-stack consumer bank in India with savings, UPI, credit, and physical branches.
Product timeline
2016
Founded as SlicePay, offering BNPL and credit lines for students/young professionals.· pivot
2019
Received NBFC license from RBI; launched prepaid card with Visa and SBM Bank India.· card
2021
Entered unicorn club in funding round.· banking
2022
Raised $50M Series C led by Tiger Global at $1.5B-$1.8B valuation; scaling UPI payments.· banking
2024
Merged with North East Small Finance Bank (NESFB) to become Slice Small Finance Bank.· acquisition
2025
Operating as full-stack bank offering savings, FDs, UPI, credit cards, borrow, and UPI-led bank branches.· banking
Regulated entities
2
regulatory licences held by Slice
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Slice’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.