Fintech Unicorn Slice Finishes Merger with North East Small Finance Bank

Months after getting approval from the National Company Law Tribunal (NCLT) for the merger of fintech unicorn slice and North East Small Finance Bank (NESFB), the fintech unicorn has revealed that the merger was finalized on October 27 (Sunday) following all regulatory approvals.

According to Slice, this merger integrates both businesses’ activities, assets, and brand identities into a single, integrated financial entity.

Related: Fintech Giant Paytm Registers INR 930 Cr Profit in Q2 FY24 On the Back of Ticketing Business Sale

Slice stated that the newly amalgamated firm will be able to grow its operations, better satisfy changing client expectations, and improve risk management. The newly formed business seeks to strengthen NESFB’s position in the Northeast.

Furthermore, via the use of innovative technology and digital solutions, the bank hopes to improve financial inclusion, boost economic development in the Northeast, and broaden its reach beyond India.

“We’re especially focused on deepening our roots in the Northeast and bringing more individuals into the official banking system. “We’ll focus on providing an exceptional customer experience while maintaining strong risk management and governance as the foundation of our operations,” said Rajan Bajaj, slice’s founder and CEO and the merged entity’s executive director.

The fintech firm and the bank announced their intended merger in October 2023.

The Competition Commission of India (CCI), the Registrar of Companies (RoC), and the Regional Director (RD) have all approved the transactions, while the Reserve Bank of India (RBI) and the Income Tax Department have both issued no objection certificates.