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Indian fintech inauguration Slice read it has completed its merger with North East Small Finance Bank , marking a rare representative of a startup successfully entering India ’s tightly regulated banking sphere .
The merger , first proposed last yr , transforms the Bengaluru - based inauguration into a banking entity , following months of regulative scrutiny .
Slice , which acquire extrusion by bring out credit card - like product , will hold its be digital payment and loaning services , and expand into traditional banking with offerings like preservation history and investment products , the startup say in an e-mail send to customer on Sunday .
Banking licenses have prove elusive in India , with the central bank decline most program in late years . The Reserve Bank of India ’s chariness stems from its experience with failed depository financial institution in the nineties and administration reverting at Yes Bank and PMC Bank in the past decade .
India has develop XII of fintech unicorns , but most companies must partner with traditional banking concern if they want to offer banking serve — leaving them vulnerable to regulative change and mate banks ’ shift priorities . This may be why so many startups and venture firms arescrambling for a banking playin the country .
Jupiter , another fintech , in September was state to bein advanced talksto learn a stake in the Amerind subsidiary of SBM Bank .
Slice ’s unification with North East Small Finance Bank gives the startup admission to Das Kapital at lower monetary value and unmediated dominance over its loaning functioning . Slice , which counts Tiger Global , Insight Partners , and Blume Ventures among its backers , was valued at around $ 1.5 billion at the sentence of the merger proclamation last yr .
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“ For over a year , the teams at Slice and NESFB have worked tirelessly to make this merger a reality , ” said Rajan Bajaj , father and CEO of Slice , in a instruction . “ Today , we ’re thrilled to be at the starting line of build India ’s most loved bank , ” he added .
North East Small Finance Bank , established in 2016 as a subsidiary of RGVN Microfinance , centre on dish out customers in India ’s northeastern region , and counts Pi Ventures , Bajaj Group , and SIDBI Venture Capital among its investor .
