Slice founder Rajan Bajaj named CEO

- The appointment follows the merger of Slice with North East Small Finance Bank (NESFB), which was completed in October 2024, creating the first fintech and bank merger of its kind in India. This strategic move allows Slice to operate as a full-stack bank, expanding its offerings from credit and payments to include savings accounts and fixed deposits. - Before founding Slice in 2016, Rajan Bajaj, an IIT Kharagpur alumnus, had a brief stint at Flipkart and also launched a failed WiFi-sharing startup called Mesh Internet. His vision for Slice was to simplify credit access for young Indians, a demographic often overlooked by traditional banks. - Slice achieved unicorn status in November 2021 after a $220 million Series B funding round co-led by Tiger Global and Insight Partners, reaching a valuation of over $1 billion. As of December 2024, the company has raised a total of $387 million. - The transition to a Small Finance Bank was partly influenced by a 2022 Reserve Bank of India directive that barred non-bank entities from extending credit lines on prepaid instruments, which was a core part of Slice's previous business model. - Post-merger, the bank's net worth increased significantly from ₹61 crore as of March 31, 2024, to ₹891 crore as of September 30, 2025. While the company reported a net loss of ₹217 crore in FY25 due to merger-related expenses, it turned profitable in the first half of FY26. - The merged entity has a strong focus on the Northeast of India, aiming to enhance financial inclusion in the region while expanding its digital-first banking services across the country. It has opened over 4 million savings accounts within its first year of full banking operations. - Rajan Bajaj's net worth is estimated at ₹950 crore ($115 million) as of 2025, primarily from his 10-15% stake in Slice. He has also been an angel investor in several other startups, including SuperK and TrueFan.