Slice is the subject of a reported financing and share-sale package of about $100 million, according to September 3 reports from Moneycontrol and Mint. The Indian company is now a small finance bank offering savings accounts, loans and payments to consumers and businesses. The transaction concerns a different operating model from the credit-focused app that originally made its name.
For an individual customer, the service can start with opening a paperless savings account and keeping money there, with interest credited daily. Its UPI credit card brings borrowing into an everyday payment workflow: a customer scans a merchant's payment code or taps the card rather than applying for a separate loan at each purchase. UPI is India's interoperable digital payments system. Slice advertises installment options, but those product offers are not a measure of what every customer ultimately pays.
The bank also offers online current accounts for businesses, alongside its consumer savings, fixed-deposit and credit products. This is more than a new app feature: after merging with North East Small Finance Bank, Slice became a lender in its own right rather than only distributing products through another bank. Its operating challenge now includes attracting deposits and managing loans while keeping the customer-facing service easy to use.
Rajan Bajaj founded the business as SlicePay in 2016, initially providing credit lines to students and young professionals, Mint reported. The bank merger closed in October 2024. Slice's current company page describes a network of more than 160 branches alongside its digital products; that is a company claim, not a count of active app users. Mint reported a ₹50.9 crore profit for the June quarter, compared with a loss a year earlier, an early operating result rather than proof of a completed turnaround.
Moneycontrol named Neo Wealth as the lead investor, with Kado Global and Moore Strategic Ventures also participating, at a valuation around $450 million. Mint put the valuation at $450 million–$470 million and described a shareholder-approval process. Both reports include secondary share sales, where money goes to existing holders rather than the bank. The exact new cash reaching Slice is not established by those accounts, so the full $100 million should not be treated as company proceeds. Slice had not responded to either publication's request for comment.
The business question is whether people who first came for convenient credit and payments will also make Slice a regular home for deposits and other banking needs. A bank needs that continuing relationship, not just downloads or transactions. The reported deal gives investors a new basis for assessing that transition, but deposit retention, loan performance and reliable service will determine how durable the franchise becomes.