Mumbai, Sept. 3 -- Slice is raising $100 million in its first funding round since becoming a bank, valuing the fintech-turned-lender at $450-470 million, people familiar with the matter said.

This is less than a third of the roughly $1.5 billion valuation that Slice commanded in 2022.

An extraordinary general meeting notice issued by Slice Small Finance Bank Ltd and reviewed by Mint shows that the lender is seeking shareholder approval to raise Rs.485 crore through compulsorily convertible debentures and partly paid equity shares. The proposed fundraise comprises Rs.403.47 crore through compulsorily convertible debentures and Rs.81.49 crore through partly paid equity shares.

The EGM, scheduled for Friday, names Moore Strategic Ventures...