slice and North East Small Finance Bank announce merger
Oct 04, 2023
Bengaluru (Karnataka) [India], October 4 : Fintech unicorn Slice and North East Small Finance Bank (NESFB) on Wednesday announced they have merged, in a move to accelerate their tech-enabled financial accessibility across the nation.
Having received a nod from the Reserve Bank of India (RBI), the merger will help realize the shared goal of integrating technology offerings with grassroots financial inclusion efforts, slice said in a release.
This merger, pending requisite shareholders' consent and other regulatory approvals, is expected to bring together slice's digital prowess and NESFB's grassroots banking foundation.
"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 CEO of Slice.
Through this merger, customers of both entities will have a broader range of products, omnichannel offerings, and a seamless experience in the future.
Rupali Kalita, MD and CEO, of NESFB, said, "This alliance with slice marks an exciting expansion of our reach and enhancement of our services. Dedicated to supporting the underserved, our collaboration is bolstered by slice's innovative technology and a keen emphasis on customer experience. Meanwhile, 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."
slice is India's leading consumer payments and credit company focused on providing financial services to Indians. slice has cumulatively raised USD 290mn in its series A, B, and C rounds.
North East Small Finance Bank is the sole small financial bank in the northeastern region of India, boasting an extensive network of branches. It offers a comprehensive suite of financial services, encompassing bank accounts, deposits, cards, loans, and mutual funds.
