Fintech unicorn firm Slice set to enter banking via merger with SFB

Breaking News: Fintech firm Slice is now all set to enter banking by merging with SFB. This is a very rare case of a fintech in the banking business. All the slice entities are going to be a part of the combined entry. On 4th October 2023, Wednesday, the Credit and payments unicorn Slice announced that it is going to be merged with the Guwahati-based North East Finance Bank (NESFB). This news is really coming in the banking sector right now. This news is currently trending and by looking at this news many users are in shock. And now users are curious to know everything about this new decision.

Fintech

On Wednesday, it was officially announced by the credit and payments unicorn Slice, that from now onwards it is merging with the Guwahati-based North East Small Finance Bank (NESFB). This is a very rare instance of fintech taking an entry into the banking sector. NBFC license is also held by the Bengaluru-based Slice. They have claimed that they have received a no-objection certificate from the Reserve Bank of India (RBI) for the transaction. Slice also claimed that the merger is now going to allow the combined entity to serve a better mission and they can reach more of their consumer who are lacking access to basic banking services.

As we all know in 2021, the Reserve Bank of India officially allowed fintech firm BharatPe to purchase 49% in the Unity Small Finance Bank. This was allowed as it was a big part of the rescue plan for the Punjab and Maharashtra Cooperative (PMC) Bank. As per the merger, Slice is going to cease to exist as a company. All the Slice entities which also include the NFC license are now going to be merged with the combined banking entity. Scroll down to know more.

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Slice is a fintech company that has gone through a big amount of pending diligence and all different kinds of audits have been covered in the last 15 months. It happened before the announcement of this merger. It is reported that Slice also works with the NESFB management so that it can understand the banking operation very well and also learn about the technology which can play a big role. Reports show that Slice has picked a total of 5% in the North East SFB in 2022. And also bought an additional 5% stake at the start of this year. Further details will be shared soon.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging