Fintech unicorn Slice and North East Small Finance Bank (NESFB) have announced their merger in a move to expand their financial accessibility.
According to a statement, Slice has received a nod from the Reserve Bank of India (RBI) for the transaction. In March, Slice acquired a 5 per cent stake in Guwahati-headquartered bank for about USD 3.42 million. This roughly valued the small finance bank at USD 68.4 million.
This merger, pending requisite shareholders’ consent and other regulatory approvals, brings together slice’s digital prowess and NESFB’s grassroots banking foundation. The combined entity supercharges its commitment to financial accessibility and will bring an unparalleled digital banking experience to its customers.
According to TheKredible, Gunosy Capital holds the largest stake in the company, with 14.84 per cent. Co-founder Bajaj holds 8.21 per cent of the company. The firm’s revenue nearly tripled to approximately Rs 870 crore in FY23. Operating revenue increased 4.18x to Rs 283.08 crore in FY22. However, Slice also experienced losses, which rose 2.52x to Rs 253.67 crore in FY22.
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