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slice

Fintech / small finance bankIndia
New to Unitard
✂️ Markdown
Peak $1.5 BillionToday
~-70%
from peak
  1. 🦄
    Became a unicorn
    Nov 2021
  2. 📈
    Peak valuation
    $1.5 Billion ’22
  3. 💔
    Became a Unitard
    Sep 2026
  4. 💸
    Last valuation
    ~$450M
Current status
Operating as slice Small Finance Bank; reported $100M round at about $450M (Entrackr, Sept 2026); profitable in FY26

The rise & fall

9 moments · 2016–2026

The key moments.

2016
Rajan Bajaj founds slice
A Bengaluru startup built around a card for young Indians: a prepaid card with a credit line.
Inc42
Nov 2021
Joins the unicorn club: $220M Series B
Tiger Global and Insight Partners lead the round at a valuation of over $1B; slice says it is issuing more than 200,000 cards a month.
TechCrunch
Jun 1 ’22
The peak: $50M Series C at $1.5B or more$1.5B
Tiger Global leads; TechCrunch's source puts the valuation between $1.5B and $1.8B, and Entrackr reads $1.5-1.7B from filings.
TechCrunch
Jun 20 ’22
RBI bars loading prepaid cards from credit lines
The Reserve Bank of India says the practice ‘should be stopped immediately’. In July slice switches from a credit line to term loans.
Business Today
Oct 2023
RBI approval for a bank merger reported
TechCrunch reports the central bank has approved slice's merger with North East Small Finance Bank.
TechCrunch
Oct 27 ’24
Merger with North East Small Finance Bank takes effect
A tribunal in Guwahati sanctioned the scheme in August; the fintech and the bank are now one entity.
Entrackr
May 2026
First full year as a bank ends in profit
slice reports a profit of ₹48.4 Cr for FY26 against a loss of ₹217 Cr in FY25.
Entrackr
Sep 3 ’26
Reported $100M round at about $450M — joins the Unitard Club 💔$450M
Entrackr: slice has reportedly raised $100M of primary and secondary led by Neo Wealth at around $450M. Inc42 says banking metrics now matter more than fintech ones.
Entrackr

How it happened

slice is a Bengaluru fintech that Rajan Bajaj founded in 2016 around a prepaid card with a credit line, pitched as an alternative to a credit card. A $220M Series B led by Tiger Global and Insight Partners made it a unicorn in November 2021, and a $50M Series C in June 2022 valued it at $1.5B or more.

Weeks later the Reserve Bank of India barred loading prepaid cards from credit lines. slice merged with North East Small Finance Bank in October 2024 and reported a profit for the year to March 2026.

In September 2026 Entrackr reported it had raised $100M at around $450M, about 70% below the peak, as banking metrics replaced fintech ones in how it is valued.

Source: TechCrunch (Jun 1, 2022): $50M Series C led by Tiger Global at $1.5B-$1.8B per a source; Entrackr from filings: $1.5-1.7B; peak keyed to the $1.5B low end. Inc42 (Nov 29, 2021): $220M Series B led by Tiger Global and Insight Partners at over $1B. Entrackr (Sept 3, 2026): reportedly raised $100M at around $450M, primary plus secondary per sources, led by Neo Wealth; Inc42 gives the prior mark as about $1.25B; Inc42: $450M-$465M; Open: $450-470M; Bar & Bench (Sept 29, 2026): round raised. No company-stated valuation.

Founder

  • Rajan Bajaj
    founder; MD & CEO of slice Small Finance Bank (since Feb 2026)
    Still there — Founder & CEOLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-10-02. See our methodology.

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