The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank.

The proposed transaction comprises the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) (including Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL) with North-East Small Finance Bank Limited (NESFB) (including RGVN (North-East) Microfinance Limited (RGVN)), pursuant to the composite scheme of amalgamation to be filed before the jurisdictional National Company Law Tribunal and certain related transactions. 

GIPL operates under the brand name "slice" and focuses on facilitating payments and credit products through digital means in India. GIPL primarily focuses on enabling access to financial services for underbanked customers through affordable and transparent cost solutions and structures.

NESFB is a private sector small finance bank (SFB). It is headquartered in Guwahati, Assam and has branches in the North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim), and West Bengal.

Detailed order of the CCI will follow.

Merger approval: fintech entity to merge into a small finance bank after regulatory clearance and composite amalgamation filing. CCI granted approval for the merger of Garagepreneurs Internet Private Limited and its related entities into North East Small Finance Bank Limited under a composite scheme of amalgamation, encompassing Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited and RGVN (North-East) Microfinance Limited, with the composite scheme to be filed before the relevant tribunal; GIPL operates digital payment and credit services under the brand 'slice' targeting underbanked customers, and NESFB is a private small finance bank operating across North Eastern states and West Bengal.