Fintech firm Slice gets NCLT nod to merge with North East Small Finance Bank

Rajan Bajaj, Founder and CEO, Slice

Fintech credit and payments startup Slice on August 19 received approval from the National Company Law Tribunal, Guwahati Branch, to merge its assets with North East Small Finance Bank (NESFB).

"The scheme of arrangement and amalgamation is hereby sanctioned by this tribunal...the RBI and CCI have already provided no objection/approval to the scheme. The petitioners are directed to file this order with the RoC, Guwahati within 30 days from receipt of the order," the NCLT bench order assessed by Moneycontrol showed.

The order comes a year after the banking regulator, Reserve Bank of India gave the no-objection certificate (NOC) to the deal. In March 2024, the firm received Fair trade regulator Competition Commission of India (CCI's) nod to for the merger.

In March 2023, Slice had acquired a 5 percent stake in NESFB for a value of $3.4 million.

Founded in 2016 by Rajan Bajaj, the lending tech unicorn Slice largely works with college students and new-to-job employees and used to provide them credit and payment services.

NESFB has 208 branches across the seven North East states along with West Bengal and has largely focussed on customers from the rural areas and bottom of the pyramid segment.

Bengaluru-based Slice was last valued at around US$ 1.8 billion during its previous fund raising in 2022.