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Fintech unicorn Slice picks 5% in North East SFB
March 08, 2023
Tiger Global-backed fintech firm Slice has picked up a 5% stake in North East Small Finance Bank, multiple sources aware of the matter said, in what is possibly the first time a new-age fintech venture is investing in a bank.
The investment amount currently is less than ₹30 crore, the sources said.
The move is an indication of the growing thrust by fintech firms to partner with licensed banks in India.
Sources said Slice may also explore further investments in the bank but those discussions have yet to be finalised.
An investment of up to 5% in a bank does not require approval from the Reserve Bank of India (RBI). Additional stake purchases will need the banking regulator’s clearance.
Slice, which has been exploring a potential investment in a bank for a few quarters, bought the stake in the Assam-based bank in September last year but it has not been reported before.
“There is more at play between Slice and North East Small Finance Bank which is why it’s been under the wraps thus far,” a person aware of the goings-on said.
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