Bengaluru-based fintech unicorn slice has recently secured $20 million in debt funding from Neo Asset Management’s Credit Opportunities Fund, marking part of a larger $30 million debt round aimed at bolstering its financial position and operational capabilities. This funding is intended to support slice’s growth trajectory and enhance its working capital efficiency.
Earlier this year, slice achieved a significant milestone by gaining approval from the Competition Commission of India for its merger with North East Small Finance Bank, pending final approval from the National Company Law Tribunal. This strategic merger is expected to grant slice a banking license, transforming it from a buy now pay later (BNPL) platform into a comprehensive financial services provider.
Founded in 2016 by Rajan Bajaj under the name Slicepay, slice initially started as a BNPL service but evolved its business model following regulatory changes in 2022. The company pivoted to offer UPI payments, consumer credit, and prepaid payment accounts, adapting to new market demands and opportunities.
Currently valued at $1.5 billion, slice has garnered support from notable investors such as Tiger Global, Gunopsy Capital, Blume Ventures, Advent International’s Sunley House Capital, Moore Strategic Ventures, and Anfa. This backing underscores investor confidence in slice’s strategic direction and growth potential within the fintech sector.
Neo Asset Management’s involvement in slice’s debt funding aligns with its investment strategy, focusing on credit opportunities in non-triple-A rated companies. The fund’s closure at INR 2,575 crore from high-net-worth individuals and family offices reflects strong investor interest in alternative credit investments.
Looking ahead, slice anticipates leveraging its forthcoming banking license to expand its suite of financial services, further solidifying its position as a key player in India’s fintech landscape. This strategic initiative is poised to reshape the industry by offering comprehensive financial solutions to a broader customer base.