Bengaluru-based startup slice on Monday stated the Reserve Financial institution of India has accredited the appointment of Founder Rajan Bajaj as its managing director and CEO, marking a management transition on the fintech-led small finance financial institution.
Bajaj, who beforehand served as the manager director, will exchange Satish Kumar Kalra, who continued as managing director and CEO after main North East Small Finance Financial institution earlier than its merger with slice.
Final yr, the fintech startup rebranded as slice Small Finance Financial institution, following its merger with North East Small Finance Financial institution, creating what the corporate described as India’s first fintech financial institution. The merger, which acquired regulatory clearances, paved the best way for the mixed entity’s nationwide enlargement plans.
Based in 2016 as Garagepreneurs Web Pvt Ltd, slice transitioned from a shopper fintech platform right into a regulated banking entity after the 2024 merger. Bajaj, an alumnus of IIT Kharagpur, led the corporate’s lending distribution and funds companies and established Quadrillion Finance Pvt Ltd, a completely owned NBFC that later merged into the financial institution.
Over the past three quarters of FY26, slice reported a revenue after tax of Rs 27.97 crore. Inside a yr of commencing full banking operations, greater than 4 million financial savings accounts had been opened, making it one of many fastest-growing financial savings merchandise within the nation, it stated.
The financial institution serves greater than 20 million registered customers, employs over 3,000 individuals, and has raised greater than $250 million from buyers, together with Tiger World, Perception Companions, and Introduction Worldwide.
“I’m grateful to the Reserve Financial institution of India and our Board for the arrogance they’ve positioned in me. Extra individuals want banking in India as we speak than at any level in our nation’s historical past. The digital infrastructure to serve them nicely and at a fraction of the normal value now exists. And for the primary time, expertise makes it potential to supply each buyer the sort of monetary merchandise that till not too long ago had been solely out there to the wealthiest few,” Bajaj stated in a press release.
He added, “AI is now reaching the purpose the place it might probably make banking genuinely private at scale, understanding what every buyer wants and making advanced monetary choices easy. We’re constructing with that future in thoughts, and we predict we’re nonetheless very early in what is feasible.”
Eugene Emmanuel Karthak, Half-Time Chairman and Unbiased Director, stated Bajaj “brings first-hand expertise in constructing for the digital buyer and understands how expertise is reshaping the best way individuals entry monetary providers.”
He added that Bajaj has been clear in his ambition to increase formal credit score and banking entry to underserved segments.
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