Slice raises $100 million led by Neo Wealth at $450-465 million valuation

The round marks a steep decline in the fintech-turned-bank’s valuation from the $1.5 billion it commanded in 2022, when it raised $50 million in a Series C led by existing backer Tiger Global, among others.

The latest round is led by wealth management platform Neo Wealth, with participation from Japanese investor Kado Global, US-based Moore Strategic Ventures, and Dhan-parent Raise Financial, among other investors.

As part of the fundraise, the Bengaluru-based fintech will hold an EGM on September 4.

According to the EGM notice, the company’s board will seek approval to issue 40,347 compulsory convertible debentures (CCD) amounting to Rs 403.47 crore to investors. The proposed allotment includes Rs 106 crore from Moore Strategic Ventures, Rs 95 crore from Kado Global, Rs 44 crore from Neo Secondaries Fund, Rs 44 crore from Blume Ventures and Rs 40 crore from Raise Fintech, along with investments from other institutional and individual investors.

In addition, the board will seek approval to issue partly paid-up shares worth Rs 81.49 crore to Neo Wealth.

The funding comes at a time when the Rajan Bajaj-led digital banking startup turned profitable. The company reported a net profit of Rs 50.9 crore in Q1 FY27, as compared to a net loss of Rs 10.1 crore in Q1 FY26. It also reported a 38.6% jump in total income to Rs 413.8 crore during the quarter.

The development was first reported by Moneycontrol.