Slice reports profitability in first full year as bank; revenue jumps 2.3X in FY26
- ByStartupStory | May 26, 2026
slice, India’s digital and AI-native bank, has turned profitable in its first full fiscal year as a bank while recording a 132% year-on-year growth in revenue during the fiscal year ended March 2026, according to a press release issued by the company on Tuesday.
The company’s total revenue increased to Rs 1,403 crore in FY26 from Rs 604 crore in FY25, as per its audited annual financial result. For the quarter ended March 2026 (Q4 FY26), the bank reported total income of Rs 399.7 crore.
According to annual report, the company’s bottom line saw a turnaround from a loss of Rs 217 crore in FY25 to a profit of Rs 48.4 crore in FY26. During Q4 FY26, it reported a profit of Rs 20.4 crore against a loss of Rs 89.9 crore in the corresponding quarter last year.
During the year, the company’s net worth stood at Rs 875.3 crore as of March 31, 2026, while its Capital to Risk-weighted Assets Ratio (CRAR) came in at 19.1%. The company also improved its debt-equity ratio, which narrowed from 0.97 in FY25 to 0.14 in FY26.
“This year marks a key turning point for us as we continue expanding access to credit and building the bank further,” a Slice spokesperson said, adding that the company is still in the early stages of its banking journey.
Founded by Rajan Bajaj, slice operates as a full-stack bank offering savings accounts, fixed deposits, UPI, credit products, and UPI-led banking services. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners.
In recent months, slice has been expanding its banking operations after merging with North East Small Finance Bank, which is also set to be renamed as Slice Small Finance Bank. The company recently opened its UPI-powered bank branch in Bengaluru and expanded its UPI credit card service to all users after a phased rollout.
The company has also strengthened its leadership team during the period. The Reserve Bank of India approved Rajan Bajaj as the MD and CEO of the bank, while former SBI executive Sreedevi Pillai joined its board.
Slice’s profitability represents an important milestone, but the bigger challenge will be sustaining margins while operating as a regulated banking entity rather than a fintech-led credit platform. As competition intensifies from traditional banks, neobanks, and UPI-focused players, the company will need to balance rapid growth with disciplined underwriting, low-cost deposits, and stable asset quality.
Its transition from startup to full-stack bank also brings greater regulatory and operational scrutiny, where long-term execution and customer trust will matter as much as scale.
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