Slice Moves Toward Profitability After Strategic Bank Merger
After years of aggressive growth and financial burn, Slice is now turning a corner. The fintech startup, now operating as Slice Small Finance Bank, is finally inching toward sustained profitability. According to founder Rajan Bajaj, the bank became profitable two months ago and aims to report net profit for the current quarter.
This marks a significant milestone for the company that merged with North East Small Finance Bank in October 2024. Since then, Slice has undergone a full transformation from a digital-first fintech into a licensed small finance bank.
From Separate Entities to One Profitable Bank
Before the merger, Slice and Quadrillion Finance—its in-house NBFC—operated as separate entities. While Quadrillion was always profitable on its own, the merged entity had broader financial challenges to overcome.
“Now all the entities are the same,” Bajaj said, adding, “becoming profitable as one combined bank was a goal we’ve now achieved.” In contrast, North East SFB had reported a loss of ₹441 crore in FY24, highlighting how far the merged bank has come.
Deposits Double, User Growth Accelerates
In addition to becoming profitable, Slice has seen strong growth in customer numbers and deposits. Over the past six months, the bank has doubled its deposit base and is adding nearly 300,000 new users every month.
This growth shows confidence among customers and signals that Slice’s digital banking strategy is starting to gain traction. The company plans to continue expanding its services to meet the needs of India’s digitally-savvy population.
IPO on the Horizon, But No Fundraising Yet
Although Slice is now a public limited entity, it is not actively raising funds at the moment. However, Bajaj acknowledged that many investors are showing interest after its transition to a full-fledged bank.
Previously, ET reported that Slice was looking to raise $250 million to support digital banking expansion. While no formal fundraising is underway now, Slice remains open to capital opportunities as it builds momentum toward a potential IPO within 3–4 years.
Digital Offerings Expand with UPI and Credit Innovation
Slice is aggressively expanding its digital banking stack. The bank has introduced a UPI-enabled ATM and a RuPay-powered credit card, aimed at middle-income, credit-worthy customers across India.
By offering both modern digital tools and cash-access options, Slice is targeting customers who are comfortable online but still depend on cash-based transactions for daily needs.
Moreover, Slice has already served 4.5–5 million users and has given credit to nearly half of them who were new to credit. That track record underpins its ambition to lead in inclusive digital banking.
A Profitable Future Looks Closer Than Ever
As Slice steps into FY26, the path to long-term profitability seems clearer. Thanks to its merger, strong customer growth, and new digital services, Slice is poised to play a bigger role in India’s fintech ecosystem.
With profit now within reach and IPO ambitions set in motion, Slice is evolving from a fast-spending startup into a sustainable digital bank.