Bengaluru-based fintech company slice has recently secured $20 million in debt financing from Neo Asset Management’s Credit Opportunities Fund, a move aimed at strengthening its financial footing. This funding forms part of a broader $30 million debt round, with slice set to receive the remaining $10 million shortly.
The newly raised capital will be strategically utilized to advance corporate objectives, enhance working capital, and sustain slice’s growth trajectory and operational efficiency.
Earlier this year, slice achieved approval from the Competition Commission of India for its merger with North East Small Finance Bank, pending clearance from the National Company Law Tribunal. This merger is anticipated to facilitate slice’s transition into a licensed bank, marking a significant evolution from its origins as a buy now pay later platform.
Founded in 2016 by Rajan Bajaj, slice initially operated as Slicepay, offering a buy now pay later service before adapting its business model in response to regulatory changes.
Neo Asset Management’s investment in slice aligns with its strategy to target profitable non-triple-A rated companies through its Special Credit Opportunities Fund. This funding round coincides with Neo Asset Management’s successful closure of its first fund at INR 2,575 crore, sourced from high-net-worth individuals and family offices.
As slice awaits regulatory approval for its merger, the fintech firm is poised to leverage its forthcoming banking license to expand its range of financial services. This strategic move is expected to redefine the fintech landscape and reinforce slice’s position as a prominent industry leader.