FinTech news in slice category

Slice has acquired a 5% stake in the Indian bank North East Small Finance in what analysts say is a key step in the unicorn fintech startup journey amid mounting challenges from the central bank that has toppled many young firms.

The Reserve Bank of India has informed dozens of fintech startups that it is barring the practice of loading non-bank prepaid payment instruments (PPIs) — prepaid cards, for instance — using credit lines, in a move that has prompted panic among — and existential threat to — many fintech startups and caused some to compare the decision to China’s crackdown on financial services firm last year.

Slice, a fintech startup that is bringing credit card features to millions of Indians, has raised $50 million in a new financing round as it looks to scale its recently launched UPI payments product and push to make its core credit business profitable.

Bengaluru-headquartered Slice, which became a unicorn late last year, plans to introduce UPI payments for its users within weeks, according to a source familiar with the matter. National Payments Corporation of India, the governing body that oversees UPI ecosystem, is also working to push new changes that are positioned to create a level-field among UPI players.

FPL Technologies, the Indian startup that operates OneCard, is set to double its valuation to about $1.5 billion in a new financing round, just a month after it disclosed its previous funding, according to three sources familiar with the matter.