Slice Reportedly Raises $100M at $450M Valuation as Fintech Turns Profitable

Bengaluru-based digital banking startup Slice has reportedly raised $100 million in a fresh funding round at a valuation of approximately $450 million, according to a Moneycontrol report cited by Entrackr.

The round was led by Indian wealth management platform Neo Wealth, with participation from Japan-based Kado Global, US-based Moore Strategic Ventures and Raise Financial, the parent company of Dhan, among other investors.

The latest transaction includes both primary and secondary components and comes as Slice continues to build its position as a digital banking and financial services platform.

Funding comes at a lower valuation

The reported $450 million valuation represents a significant decline from Slice's previous peak valuation of $1.5 billion.

Slice reached unicorn status in November 2021 after raising a $200 million Series B led by Tiger Global and Insight Partners. In June 2022, the company raised another $50 million in a Series C round led by Tiger Global, with participation from Moore Strategic Ventures and Insight Partners.

Despite the decline in valuation, the latest funding comes at an important point in Slice's business as the company has moved toward profitability following its transition into digital banking.

Slice turns profitable

Slice reported a net profit of Rs 48.4 crore in FY26, compared with a net loss of Rs 217 crore in FY25.

The company has continued that momentum into FY27. In Q1 FY27, Slice reported a net profit of Rs 50.9 crore, while total income increased 38.6% year-on-year to Rs 413.8 crore from Rs 298.6 crore in the same quarter a year earlier.

On a sequential basis, total income grew 3.5% from Rs 399.7 crore in Q4 FY26.

The improved financial performance indicates that Slice's digital banking strategy is beginning to translate into stronger operating results.

Investors back Slice's next phase

According to filings with the Registrar of Companies, Slice's board approved the issuance of 40,347 compulsory convertible debentures worth Rs 403.47 crore, or approximately $42.5 million.

The proposed allotments include investments from Moore Strategic Ventures, Kado Global, Neo Secondaries Fund and Blume Ventures, alongside Raise Financial, DSP Investment and several angel investors.

The board also approved partly paid-up shares worth Rs 81.5 crore to Neo Wealth.

The reported $100 million round gives Slice additional capital as it continues expanding its digital banking business while maintaining its recently achieved profitability.

Strengthening its leadership

Slice has also strengthened its board as it enters its next phase of growth.

In August, the company appointed Samir Sawhney as executive director and Ramesh Kumar as an independent director. Sawhney's appointment as executive director was also approved by the Reserve Bank of India.

With fresh capital, improving profitability and an expanded board, Slice is now entering a new chapter after a significant reset from its earlier $1.5 billion valuation.