Slice Bank in talks to raise $250 million to expand its digital banking operations

Fintech small finance bank Slice Bank is in talks to raise $250-300 million from a group of financial investors and family offices, according to its recently approved EGM resolution notice and people familiar with the matter. Budget with ET Budget 2025: A CFO’s playbook for operational excellence and long-term growth Rising Bharat may need to take center stage for India’s game-changing plans Will Indian Railways accelerate to global standards with govt’s budgetary allocation? This marks Slice Bank’s first major fundraising effort since its merger with North East Small Finance Bank , which has got the Reserve Bank of India ’s (RBI) approval. Slice has also briefed the central bank about its fundraise plans for the year.

The Bengaluru-based firm has also obtained the regulator’s approval to operate under its new identity Slice Bank, expanding its scope beyond fintech. Its merger with the Assam-based North East bank was approved in October . Slice has started rolling out its banking services to select user groups, offering aggressive interest rates on savings accounts.



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A spokesperson for Slice declined to comment. “They (Slice) are about to start expanding operations with the critical approvals in the new identity, which for a fintech startup is noteworthy. It intends to be a national digital small finance bank,” a person aware of the matter said.

“There are fintech-focused funds as well as family offices of both new-age and traditional business houses that have held talks with the bank for the new funding round,” another person aware of the matter said. The merged bank, now valued at $1.3-$1.

5 billion, is engaging with investors at a time when globally, new-age models like Nu Bank and Revolut are seeing increased investor interest. Slice is said to be at an annual revenue run-rate of around Rs 1,200 crore now. “They (Slice) plan to set up digital banking units, known as DBUs, where the idea is that a customer can do most of the banking requirements by themselves, enabling them to have a digital-led hybrid experience,” one of the sources mentioned above said.

Slice Bank aims to hit over 70 million customers by FY30 from the current base of around 11 million, people aware of its plans said. As of now, the small finance bank has around 200 branches. As Slice Bank expands operations, it will hire executives across the board.

Satish Kumar Kalra is the MD and CEO of the bank. Rajan Bajaj, founder of Slice, now owns about 15% in the small finance bank. “The idea behind launching a merchants business platform is that you can increase fee-based income.

The new branding along with regulatory clearance on the mergers enables them to do instant settlement with merchants,” one of the sources said..