The funding is part of a larger $30 Mn debt round. While the startup has received $20 Mn, it is expected to get the remaining amount soon.
slice would utilise the funds for corporate purposes and working capital requirements, people aware of the development said
Earlier this year, slice received the Competition Commission of India’s approval for its merger with Guwahati-based North East Small Finance Bank
Bengaluru-based slice has raised $20 Mn (about INR 170 Cr) in a debt funding round from Neo Asset Management’s Credit Opportunities Fund, as per the fintech startup regulatory filings.
The funding is part of a larger $30 Mn (about INR 255 Cr) debt round. While the startup has received $20 Mn, it is expected to get the remaining amount soon.
slice would utilise the funds for corporate purposes and working capital requirements, people aware of the development told Inc42.
slice didn’t respond to Inc42’s queries on the fundraise.
The fundraise comes on the heels of Neo Asset Management closing the first Special Credit Opportunities Fund by raising INR 2,575 Cr from HNIs and family offices.
The wealth management platform said that the credit fund focuses on investing in non-triple-A rated companies that are at least posting operating profits.
Earlier this year, slice received the Competition Commission of India’s (CCI) approval for its merger with Guwahati-based North East Small Finance Bank.
slice now awaits approval from National Company Law Tribunal (NCLT) for the merger. Following the merger, the fintech startup would get a banking licence.
Founded in 2016 by Rajan Bajaj, slice (previously known as Slicepay) operated as a buy now pay later (BNPL) platform till 2022 and offered a credit card-esque prepaid payment instrument (PPI) that came with no annual fees, interest, or late charges.
However, after the RBI cracked the whip on fintechs in 2022 and barred NBFCs from offering credit on PPI, slice discontinued the service.The regulatory headwinds forced it to change its business model and the startup began exploring merger options.
slice currently offers UPI payments, consumer credit, and a prepaid payment banking account through its app.
The startup, last valued at $1.5 Bn, is backed by marquee investors such as Tiger Global, Gunopsy Capital, Blume Ventures, Advent International’s Sunley House Capital, Moore Strategic Ventures, and Anfa.
