India-based Slice has raised $100 million at a valuation of about $450 million, according to a Moneycontrol report summarized by Techmeme. The report attributes the details to sources and describes the financing as a down round. The new valuation is reportedly down from about $1.4 billion, which Moneycontrol characterized as a nearly 70% correction from Slice’s earlier mark. The provided summary does not identify the investors in the round or the terms beyond the reported funding amount and valuation. The report also describes Slice as a company that has transitioned from a credit card-led fintech into a small finance bank. That makes the financing notable not just as a capital raise, but as a reset around a changed business profile. For now, the story is still single-sourced in the provided material. The central figures — $100 million raised, a roughly $450 million valuation, and the earlier roughly $1.4 billion valuation — should be treated as reported figures unless Slice or investors confirm them directly. Who benefits: Slice benefits if the reported $100 million raise gives it more capital to operate as a small finance bank. Investors entering at the lower valuation may benefit if the banking transition improves the company’s long-term economics. Who's exposed: Existing shareholders are exposed to the reported valuation reset from about $1.4 billion to about $450 million. The provided material does not specify the dilution or which investors are most affected.