Slice Small Finance Bank has raised $100 million from a fundraise led by Neo Wealth, with participation from Kado Global, Moore Strategic Ventures, and Raise Financial, among other investors. Three law firms — Trilegal, TT&A, and DSK Legal — advised the respective parties on this landmark transaction. The Slice Small Finance Bank fundraise marks a significant capital event for one of India’s most closely watched fintech-turned-banking institutions.
Introduction
Slice Small Finance Bank raised $100 million in a fundraise led by Neo Wealth, with participation from Kado Global, Moore Strategic Ventures, and Raise Financial, among other investors. The round was led by India-based wealth management platform Neo Wealth, with participation from Japan-based Kado Global, US-based Moore Strategic Ventures, and Raise Financial — the parent company of trading platform Dhan — and the $100 million round comprised both primary and secondary transactions.
Regulatory filings show that Slice’s board approved 40,347 compulsory convertible debentures worth ₹403.47 crore, with proposed investments including ₹106 crore from Moore Strategic Ventures, ₹95 crore from Kado Global, and ₹44 crore each from Neo Secondaries Fund and Blume Ventures; the board also approved partly paid-up shares worth ₹81.5 crore for Neo Wealth. KADO Capital Management’s specific investment through KADO Global Fund H Partnership amounted to USD 10 million in Slice Small Finance Bank Limited.
Deal Value
India-based digital bank Slice raised USD 100 million at a USD 450 million valuation, led by Neo Wealth. The company reported a net profit of ₹48.4 crore in FY26, compared with a loss of ₹217 crore in FY25.
Legal Teams Involved
Trilegal advised Slice Small Finance Bank on the fundraise.
TT&A advised Neo Prime Fund, Neo Secondaries Fund and affiliated entities (collectively “Neo”) on this fundraise.
Transaction Team:
- Dushyant Bagga — Partner
- Pooja Menon — Partner
- Prerna Raturi — Senior Associate
- Aniya Damathia — Associate
Competition Law Team:
- Sonam Mathur — Partner
- Samriddha Gooptu — Senior Associate
- Saikishan Rathore — Associate
DSK Legal advised and assisted Kado Capital Management, acting through KADO Global Fund H Partnership, on this fundraise.
Transaction Team:
- Mayank Mehta — Partner
- Adwait Munje — Principal Associate
- Naina Lodha — Associate
Strategic Inputs:
- Hemang Parekh — Partner (provided strategic inputs in relation to the transaction)
Significance and Impact
The new capital injection arrives at a time when Slice has become profitable following its transformation into a digital bank. The latest fundraise highlights the changing dynamics of India’s fintech ecosystem, where valuations are increasingly being assessed against profitability, regulatory compliance, sustainable growth, and operating performance, rather than the high-growth multiples that characterised the previous funding cycle.
The latest deal is Slice’s first major institutional fundraising round since the banking transition. The involvement of three separate law firms — with Trilegal handling both transaction and competition law advice for the bank, TT&A acting for the lead investor group, and DSK Legal covering the Japanese institutional investor — reflects the cross-border, multi-party complexity that characterises large-scale regulated banking fundraises in India.
The transaction also underscores the breadth of work being tracked on the Deal Meter, as top-tier firms compete for mandates at the intersection of fintech and banking regulation.
The Slice Small Finance Bank $100 million fundraise, led by Neo Wealth and backed by a diverse investor consortium, signals a new chapter for one of India’s pioneering digital banks. The business now operates as Slice Small Finance Bank and offers products including savings accounts, fixed deposits, credit products, and UPI-linked payment services. With Trilegal, TT&A, and DSK Legal each deploying experienced teams across the transaction, competition law, and investor-side mandates, the deal stands as a benchmark advisory instruction for regulated banking capital raises.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
