Slice receives CCI nod to merge with North East Small Finance Bank
The partnership with North East Small Finance Bank, a rural-focused bank with 208 branches across seven northeastern states and West Bengal, will enable Slice to expand its presence beyond Tier I cities.
Fintech unicorn Garagepreneurs Internet Private Limited, which operates under the brand name , has received approval from trade regulator Competition Commission of India (CCI) to merge with Guwahati-based North East Small Finance Bank.
In March last year, Slice had invested $3.42 million to acquire a 5% stake in North East Small Finance Bank.
CCI has approved the merger of fintech company Garagepreneurs, including its subsidiaries Quadrillion Finance and Intergalactory Foundry, with North East Small Finance Bank, along with the bank's subsidiary RGVN North-East Microfinance.
The Reserve Bank of India (RBI) had given a go-ahead to the merger in October last year.
The partnership with North East Small Finance Bank, a rural-focused bank with 208 branches across seven northeastern states and West Bengal, will enable Slice to offer its products, including loans and co-branded credit cards, to a wider audience beyond Tier I cities.
Founded in 2016 by Rajan Bajaj, Slice offers financial services and online platforms that facilitate credit facilities, prepaid cards, electronic vouchers, and software products, thus streamlining business transactions across various industries.
The fintech firm has been looking to turn around its business ever since an RBI notification in 2022 barring non-bank prepaid payment instruments from loading credit lines affected its core operations.
In November last year, Slice raised around $9 million from Stride Ventures in a debt funding round, allotting 7,500 non-convertible debentures at an issue price of Rs 1 lakh per share.
Edited by Swetha Kannan