In 2016, Slice started out as a small fintech offering prepaid cards with credit features. It wasn’t a bank, but it acted like one. Young people loved it. Especially those who couldn’t get traditional credit cards.
But by 2022, trouble hit. The RBI stepped in, halting new customer onboarding due to regulatory concerns. For many fintechs, this would be the end. For Slice, it was just the beginning of a new play.
In October 2024, Slice merged with North East Small Finance Bank. And just like that, it became a real bank—with a license, a balance sheet, and full control over its tech stack. No more relying on partners. It owned everything, from core banking to credit underwriting.
The result? Slice now opens 3 lakh bank accounts every month. That’s on par with HDFC Bank, one of the biggest in India. And they’re not stopping.
UPI Credit Cards: The Game-Changer
Forget plastic. Slice is betting big on UPI-powered credit cards. No physical card, no hidden charges, and no salespeople at malls. You apply from your phone, spend via UPI, and even split bills into interest-free installments—a feature Slice was built on.
This is not a gimmick. It’s built for the 300 million Indians who are credit-worthy but have never owned a credit card. Most of them transact in small amounts—Rs 500 to Rs 10,000—and traditional banks have ignored them.
Slice sees this as a massive opportunity.
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Why Slice Feels Different
Their digital savings account offers 100% of the repo rate—currently around 6.5%. That’s double what most big banks offer. Plus, there’s no minimum balance, no annual fee, and interest gets paid daily.
Thanks to their in-house tech and zero legacy baggage, Slice runs lean. So, they can afford to pass the benefits to customers.
They’ve also launched India’s first UPI ATM in Bengaluru. No bank staff. Just walk in, deposit or withdraw cash, and get out. Everything runs on familiar UPI rails.
Target Audience? Young, Digital, and Underserved
Most Slice users are in their early 30s. Many live outside metros and work as salaried employees or freelancers. They want good banking, not complexity. Slice gives them just that—a self-service digital experience that feels like the future, not the past.
Profitability and Future Plans
Slice claims it’s already profitable post-merger—a big deal in fintech. While there’s no official fundraising right now, Slice says it’s well-capitalized and ready to scale.
The ambition? Serve over 1 billion Indians, starting with the ones left behind by traditional banks.
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