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Business Standard
01-07-2025
- Business
- Business Standard
slice launches flagship credit card and India's first UPI-Powered Bank Branch
PRNewswire Bengaluru (Karnataka) [India], July 1: slice, which aims to bring banking to every Indian, today launched the slice UPI credit card, a breakthrough credit card designed to transform how India accesses credit. Expanding this vision, slice opened India's first UPI-powered physical bank branch and ATM, pioneering an entirely new banking experience built around simplicity and speed. * Introducing breakthrough UPI credit card, the slice super card * Reimagining banking experience by bringing digital elegance to a physical location * Unveiling the UPI ATM that accepts cash deposits The slice UPI credit card, which charges no joining or annual fee, is designed to be the best credit card for everyone. It delivers an effortless credit experience that feels as natural as any UPI transaction. Users simply scan QR codes or make UPI payments, drawing effortlessly from their credit line. The slice UPI credit card rewards customers up to 3% cashback on all spends while the innovative slice in 3 feature offers an instant ability to convert spends into three interest-free instalments. The slice super card advances slice's ambitious vision of democratizing formal credit access across India. UPI has revolutionized digital payments for more than 400 million Indians, making most of them credit-eligible in the process. Yet more than 200 million of these users remain underserved, forcing them to seek credit on unfavourable terms that ultimately limit their financial potential. "In my 40 years of banking, I have witnessed several milestones, but I feel truly proud to be part of what I see as a revolution in how India will perceive banking and finance," said Satish Kumar Kalra, MD & CEO of slice. "We are reimagining banking from first principles, building a system where technology, simplicity, and trust come together to serve every Indian. Credit on UPI will be the next big leap for credit access and inclusion in this country, and there is no better way to achieve it than by integrating the entire banking system around it. This is just the beginning of a journey that will redefine banking as we know it." slice, which recently merged with NESFB, is uniquely positioned in the market. Unlike much of the fintech industry that relies on third-party banking partners, slice operates as a bank, owning every element of its infrastructure -- from core banking systems to advanced underwriting capability. With deep roots in the Northeast, this step into Bengaluru marks a defining moment in the bank's journey toward physical expansion across India and its broader growth story. "Credit on UPI is going to be the natural next step for how India spends," said Rajan Bajaj, Founder and Executive Director of slice. "The credit card is a 75-year-old product, but in India it must be reimagined, with UPI as the catalyst, to truly realise its potential. If we want to make UPI credit cards meaningful, we must focus on getting the credit part right. It cannot just be a digital layer on top of a traditional credit card." He adds: "The real opportunity is to deliver the right form of credit at the point of sale, through a mobile interface, for 300 million customers. Tens of millions of these merchants have never accepted credit cards before, so we must solve fraud at scale while also enabling credit for those who are truly creditworthy. And with slice UPI ATMs we want to reduce the cost of deposit and withdrawal of cash to a level that basic banking services are economically viable for a billion Indians in the future." The Future of Banking, Starts Today The new slice UPI-powered bank branch in Koramangala, Bengaluru, transforms banking from a necessity into an experience. slice customers can now walk into the first digital bank branch to experience unprecedented convenience, speed and ease of access. Customers can make withdrawals as well as deposits to and from the UPI ATM, open accounts and explore other banking products from kiosks. The slice UPI-first digital bank branch delivers: * Complete UPI integration across every customer interaction * Instant customer onboarding with streamlined processes * Self-service digital experiences that prioritize efficiency * UPI ATM services for seamless cash deposits and withdrawals Together, these innovations represent slice's boldest move to shape a banking future that is digitally native, built around UPI's inclusiveness and universal accessibility. About slice: slice is on a mission to build India's most loved bank. It is reimagining consumer banking in India with simple, transparent, and technology-driven products. Following its merger with North East Small Finance Bank, slice operates as a full-stack bank, offering the slice savings account, slice fixed deposits, slice UPI, slice borrow, the slice UPI credit card and India's first UPI-led bank branch. slice's mission is to make banking faster, fairer, accessible and easier for every Indian. slice is backed by marquee global investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital.
Mint
29-06-2025
- Business
- Mint
After years of burn, Slice looks to turn profitable in FY26
Three years after a regulatory crackdown disrupted its core business, fintech startup Slice says it has turned profitable on a monthly basis and is targeting full-year profitability in FY26. The turnaround follows its transition into a regulated bank after its final merger with North East Small Finance Bank (NESFB) in October 2024. Slice was among several fintechs forced to stop offering credit line offerings via prepaid payment instruments (PPI) wallets after the Reserve Bank of India's 2022 circular. This effectively shut down Slice's popular card offering, which had gained traction among younger Indian users. Following its acquisition and merger with NESFB, Slice has stabilised its operations, consolidated assets, and transitioned into a deposit-funded, digital-first bank, founder and executive director Rajan Bajaj told Mint. 'We are now PAT-positive on a monthly basis. That was a milestone we had set for ourselves after the merger, and we have been able to achieve it quite early," Bajaj said. However, the small finance bank has not yet disclosed audited financials for FY24, and the profitability target remains based on internal metrics. Slice saw its revenue surge in FY23, reaching ₹847 crore, a threefold increase compared to the previous year. However, this growth was accompanied by a significant rise in losses, reaching ₹406 crore, a 59.8% increase from FY22. 'We have converted into a public entity now, we just haven't listed yet," Bajaj said. 'As a bank, you have to list after a certain point. We want to do that in the next 3–4 years." Full banking status Slice's evolution from a non-bank lender into a full-stack bank comes at a time when several fintech peers are still grappling with regulatory headwinds. The RBI has turned down other applications for banking licences, including that of Navi, making Slice's route—via the merger with an existing bank—an exception. With NESFB's licence, Slice has access to core banking infrastructure, the ability to raise retail deposits, and offer regulated credit products. 'We've converted into a public entity, we just haven't listed yet," he said, noting that banks are required to go public after a certain point. Slice aims to list within 3–4 years. According to Bajaj, the bank is onboarding approximately 3 lakh customers per month since October and claimed the bank has doubled its deposit base post-merger, though the actual value of deposits was not disclosed. One of Slice's key products is a repo-rate-linked savings account, which passes on 100% of the prevailing repo rate to depositors. Interest is calculated daily and credited directly to users' accounts. 'Most banks don't give the full repo rate to customers. They offer 2.5–4%. We're changing that," Bajaj said. This comes at a time when the RBI's third consecutive rate cut, bringing the repo rate to 5.5% in June, has prompted banks to reduce FD interest rates, impacting deposits. UPI-linked credit card Slice is betting big on a UPI-linked credit card aimed at India's 300 million underserved but credit-worthy users. 'We think the credit card product is going to get redesigned for India, just like payments got redesigned in the last 10 years," Bajaj said. The product allows users to make QR code-based UPI payments using their approved credit limit. Bajaj said about 5 million users have accessed Slice credit so far, and half of them were new-to-credit customers. Earlier this year, NPCI chief Dilip Asbe underscored the push to onboard an additional 200–300 million users to UPI to 'break their cash memory," pointing to the potential size of the addressable market. Digital branchesSlice has opened its first UPI-led digital bank branch in Bengaluru's Koramangala, featuring a Slice-branded UPI ATM that allows cardless cash deposits and withdrawals using any UPI app. 'You don't have to carry your debit card. That's a relic of the past," Bajaj said. While banks like SBI and Hitachi have previously piloted UPI ATMs, Slice plans to scale aggressively with installations across 600 districts, including rural areas. Bajaj noted that earlier pilots suffered from low visibility and uptake. Slice primarily competes with other small finance banks and potentially traditional banks in the digital banking space, apart from other credit card players in fintech. The bank is also expanding into merchant-facing infrastructure, such as current accounts, QR-code-based collections, and faster settlement cycles, in a bid to become the primary digital bank layer for UPI users. 'To build a true UPI credit card ecosystem, you have to solve the problem end-to-end, for both consumers and merchants." On future fundraising, Bajaj said Slice is not actively seeking external capital at the moment, citing strong deposit inflows and capital adequacy. 'We're not doing any formal discussions right now. But as and when we need capital, we will raise," he said. Since its inception in 2016, the company has raised close to $342 million in multiple funding rounds from investors such as 360 One, Insight Partners, and Tiger Global Management, among others.
