Slice Raises $100 Mn at $450 Mn Valuation After Banking Pivot

Digital banking company Slice has reportedly raised $100 million in a fresh funding round at a valuation of around $450 million. The round was led by Neo Wealth, with participation from Kado Global, Moore Strategic Ventures, Raise Financial and other investors, marking Slice’s first major fundraise after transforming into a licensed banking business.

The round represents a major reset from Slice’s earlier startup-era valuation. The company was once valued at roughly $1.5 billion after achieving unicorn status in 2021, meaning the latest round values it close to 70% below its peak. The shift comes as investors increasingly assess Slice as a regulated bank rather than the consumer fintech and credit platform it was originally built as.

Regulatory filings show Slice’s board approved ₹403.47 crore through compulsorily convertible debentures and another ₹81.5 crore through partly paid-up shares for Neo Wealth. The overall $100 million transaction reportedly includes both primary capital and secondary share sales, with Moore Strategic Ventures, Kado Global and other investors among the proposed participants.

The funding arrives alongside a significant financial turnaround. Slice posted a ₹48.4 crore net profit in FY26, compared with a ₹217 crore loss a year earlier. Momentum continued into Q1 FY27, when net profit reached ₹50.9 crore and total income rose 38.6% year-on-year to ₹413.8 crore.

Slice’s banking transition followed its merger with North East Small Finance Bank, completed in October 2024, with the lender later renamed Slice Small Finance Bank. The banking licence gives Slice access to a broader financial-services model, but the lower valuation also reflects how dramatically expectations have changed since the fintech boom. The $100 million round therefore represents both fresh capital and a new benchmark: Slice now has to prove that a profitable, regulated banking franchise can create more durable value than its earlier