Rajan Bajaj studied civil engineering at IIT Kharagpur. He interned as a business analyst at Walmart and ran an earlier venture, Mesh Internet. He launched SlicePay in January 2016 with buy-now-pay-later credit for students and young professionals.
The company went through several versions before settling on a card in 2019, the year it received an RBI NBFC licence. In November 2021 it raised about $220 million and became a unicorn.
In June 2022 the RBI barred NBFCs from giving credit lines on prepaid instruments, and Slice discontinued its prepaid cards. It announced a merger with North East Small Finance Bank in October 2023 and completed it on 27 October 2024, the first merger of a fintech with a bank in India.
Slice was renamed Slice Small Finance Bank in May 2025. For FY26 it reported revenue of Rs 1,403 crore and net income of Rs 48.4 crore. A $100 million round in September 2026 was reported at about a $450 million valuation.