Why did this happen? Slice already owns an NBFC license. What does this help them achieve? "to better serve their shared mission and reach more consumers who currently lack access to basic banking services"
It helps them achieve a lot. They can take deposits, extend loans, issue cards without needing a partner and maybe start mutual funds and insurance businesses. Huge W for Slice.
This is very helpful, thanks @TedKaczynski Just to understand properly, does the NBFC license does not allow for the above?
In India its quite impossible for startups to get a banking license, this is a huge win. Now they can also revive their most popular card vertical which got shut down after the PPI rules which affected lot of startup
Cost of capital for an NBFC is pretty high compared to the SFB/CB. NBFCs are restricted on many fronts - customer profiles, ticket sizes and product portfolios.
With SFB license and money in bank (they raised 220m$), they can offer more products. Though the history says something else, BharatPe did the same with other bank couple of years ago but the value creation is not visible on ground.
The hypocrisy of these FinTech/NeoBanks is also exposed, where they used to curse traditional banking models 🤪
Kids take funding from Angels
Men take funding from VCs
Legends merge with banks
Cost of capital is like “raw material” for a lending institution. Costlier the raw material, squeeze on the margins.
CoC for Banks - 4 to 6 % CoC for NBFCs - 10 to 12%
Anyone works at Slice? They recently merged with a bank. What are they building now ?
Why do this when there are no UPI fees and an abundance of UPI apps already?
No hate. Just curious why they’d build this
A few people who are in advanced stages of the process and/or have offers from slice have been asking me whether it's a good idea to join.
My answer has always been consistent and I'm posting this so that people have more clarity.
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Slice is a known red flag. Stay away at all costs.
Hi people,
I got a offer from slice recently . Can anyone give more insight on company’s future and work culture?
