Slice started as India's credit card for millennials — giving instant credit to young people that traditional banks refused to serve. The company grew to 12+ million users before the Reserve Bank of India forced it to restructure its prepaid card product. Slice adapted by merging with North East Small Finance Bank, making it one of the first fintechs to become an actual bank. Sometimes the regulatory punch that nearly kills you is the thing that makes you strongest.
Founded
2016
HQ
Bangalore, India
Total Raised
$220 million
Founder
Rajan Bajaj
Status
Private
Website
www.sliceit.comTHE ORIGIN STORY
Rajan Bajaj founded Slice in 2016 in Bangalore with a simple observation: Indian banks would not give credit cards to anyone under 30 without a long credit history. But young Indians — college students, early-career professionals, freelancers — needed credit.
Slice offered instant credit through a prepaid Visa card with a credit line, targeting the massive underserved segment of 18-30 year-olds. The product was wildly popular, growing to 12+ million users.
In 2022, the RBI tightened regulations on fintech-issued prepaid cards with credit features, forcing Slice to restructure. In 2023, Slice merged with North East Small Finance Bank, giving it a banking license and regulatory cover.
WHAT THEY ACTUALLY DO
Banking and lending. Post-merger, Slice operates as a small finance bank (via NESFB).
Revenue from interest income on credit products, interchange fees on card transactions, savings account float, and fee-based services. The banking license opens up a full suite of financial products.
THE PRODUCTS
Slice Credit Card (Visa-powered with instant approval). Slice UPI (payments).
Slice Savings Account (post-merger). Spend Now Pay Later (BNPL-style credit).
Rewards and cashback. EMI conversions.
Spending analytics.
HOW THEY GREW
Viral adoption among young Indians. Slice grew by being the easiest way for an 18-year-old to get a credit card in India.
The sign-up process took 2 minutes, credit limits started low ($50-$100), and the app was beautifully designed. Word-of-mouth among college students drove explosive growth.
THE HARD PART
Regulatory risk. The RBI's 2022 crackdown on fintech credit cards forced Slice to fundamentally restructure its business.
The merger with NESFB gives regulatory stability but adds the operational complexity of running a full bank. Managing credit risk across millions of young borrowers with limited credit histories is an ongoing challenge.
MONEY TRAIL
Series A
2019 · Led by Blume Ventures
$10M raised
Series B
2021 · Led by Tiger Global
$40M raised
Series C
2022 · Led by Insight Partners
$50M raised
$1.5B valuation
Additional
2023 · Led by Various
$120M raised
WHO BACKED THEM
Backed by Tiger Global, Insight Partners, Blume Ventures, and Gunosy Capital. Tiger Global led the Series B.
The investor base shifted after the regulatory changes.
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