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Indian fintech unicorn Slice to merge with bank

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Slice, backed by Tiger Global, Insight Partners, Blume Ventures and EMVC among its backers, was valued at about $1.5 billion in its previous funding round last year.

Indian unicorn fintech Slice is merging with North East Small Finance Bank, they said Wednesday after receiving the approval from the central bank, in an extremely rare feat that has eluded many tech giants, top financial startups and tycoons for decades.

Slice – which earlier offered credit card like cards and at peak issued over 400,000 cards, more than any other fintech or bank – said the merger with the Guwahati-headquartered bank will allow the combined entity to better serve their shared mission and reach more consumers who currently lack access to basic banking services.

The merger – which follows Slice earlier acquiring a 10% stake in the lender in recent quarters – should also enable the new entity to supercharge its product offerings and accelerate its product iterations, industry executives said.

The Reserve Bank of India clarified a range of guidelines last year that impacted scores of startups including Slice, rival Uni, neobanks Jupiter and Fi, making sweeping changes that challenged how many firms issued cards.

Slice founder and chief executive Rajan Bajaj said the startup has been working with North East Small Finance Bank for 12 months, a timeframe that allowed the board members, investors and management to know each other and see a shared vision.

“We’re grateful to the RBI for entrusting us with this immense responsibility,” he said in a prepared statement. “At Slice, our unyielding devotion to customers and robust risk management have set us apart. This approach allows us to serve a wider audience, including those often overlooked, while also building a deep emotional connection with our customers.”

Slice, which counts Tiger Global, Insight Partners, Blume Ventures and EMVC among its backers, was valued at about $1.5 billion in its previous funding round last year. Its first investment in North East Small Finance bank last year valued the lender at about $68 million.

At least two investors are already in talks to invest in the merged entity, committing about $125 million between them, according to another person familiar with the matter. Bajaj declined to comment beyond confirming the merger news.

North East Small Finance Bank, incorporated in 2016, is a subsidiary of RGVN (NE) Microfinance that serves customers in the north eastern region of the country. It counts Pi Ventures, Bajaj Group and government-backed SIDBI Venture Capital among its backers.

India, the world’s most populous nation, is undergoing a pivotal banking phase, with banks and fintech startups forging collaborations. Federal Bank and SBM Bank India have increasingly engaged startups to boost their operations, and larger banks like HDFC, ICICI and Axis have also invested in fintech startups.

VCs are increasingly focusing on investing in banks. Accel and Quona last year backed Shivalik Small Finance Bank.

Merging with a bank or obtaining a banking license continues to be rare in the South Asian market, especially as the regulator has heightened its oversight in recent quarters, even for minor licenses like those for NBFCs and expressed concern about tech giants’ growing presence in the financial services sector. (Slice has held an NBFC license for about five years.)

The central bank has largely rejected all applications for universal banks in recent years. Last year, it rejected an application by Flipkart billionaire Sachin Bansal. Bansal’s Navi eventually sold the microfinancing unit to Svatantra Microfin in August for about $178.5 million.

In 2021, the central bank issued a small finance bank license to a consortium of Centrum Financial Services and fintech BharatPe. But that license was conceptualized to address a capital-starved situation to help remove the debris of a scam-tainted small lender PMC.

In contrast, the capital adequacy ratio of the Slice-North East bank is multiple fold higher than the 15% mandated by the central bank. Slice’s current annualized revenue is a little over $100 million, according to a person familiar with the matter.

“This alliance with Slice marks an exciting expansion of our reach and enhancement of our services. Dedicated to supporting the underserved, our collaboration is bolstered by Slice’s innovative technology and a keen emphasis on customer experience,” said Rupali Kalita, managing director and chief executive of NESFB, in a prepared statement.

“Meanwhile, we will continue to fortify the bank governance, with continuous improvements in compliance, risk management, and leadership. Together, we strive to deliver accessible and exceptional services, fostering inclusive and responsible banking for all.”



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NASA thinks it found a moon light-years away spewing gas

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Scientists have never actually seen a moon orbiting a planet other than the ones in this solar system. An exomoon, a companion to an exoplanet, likely would be too tiny and far away for telescopes to resolve. 

But a new NASA study may have found a clue that one is orbiting a planet some 635 light-years from Earth. The inference comes from a vast sodium cloud spotted in space. Whatever is causing it produces about 220,000 pounds of sodium per second. 

The research suggests a rocky moon circling exoplanet WASP-49 b, a Saturn-sized gas giant discovered in 2017, is the source. That could mean the distant world is accompanied by a moon like Jupiter’s Io — a highly volcanic place, blasting out its own massive cloud of gasses 1,000 times wider than Jupiter.

“The evidence is very compelling that something other than the planet and star are producing this cloud,” said Rosaly Lopes, a planetary geologist who co-authored the study, in a statement. “Detecting an exomoon would be quite extraordinary, and because of Io, we know that a volcanic exomoon is possible.”

Exomoon creating a sodium cloud

An exomoon could be the source of a bewildering sodium cloud found around an exoplanet.
Credit: NASA / JPL-Caltech illustration

This is not the first time astronomers have suspected an exomoon was lurking in their data. There have been exomoon candidates discovered in the past, though confirming their existence is much more difficult. Scientists such as Apurva Oza, once a postdoctoral researcher at NASA’s Jet Propulsion Laboratory, are interested in finding unconventional ways to detect them for what they could represent: Moons throughout the galaxy could also potentially offer habitable conditions for life, even if their host planets don’t. 

That’s why Oza wanted to return to studying WASP-49 b to further investigate the source of its bewildering cloud. Researchers used a ground-based telescope to observe the silhouettes of the cloud and the exoplanet as they passed in front of the host star. 

Mashable Light Speed

At one point, they noticed that the cloud was moving faster than WASP-49 b and away from Earth. If the cloud were coming from the exoplanet, they figured they would have seen it moving toward Earth. The observation led them to conclude that the cloud was coming from a separate source, according to the paper recently published in Astrophysical Journal Letters.

Moon orbiting an exoplanet

Exoplanet WASP-49 b could have an exomoon similar to Jupiter’s Io, a highly volcanic world pumping gasses into space.
Credit: NASA / JPL-Caltech illustration

“We think this is a really critical piece of evidence,” said Oza, a staff scientist at Caltech and the lead author, in a statement. “The cloud is moving in the opposite direction that physics tells us it should be going if it were part of the planet’s atmosphere.”

The team’s research provided other clues that an exomoon was making the cloud. Both the planet and the star are mostly made of the lightest elements, hydrogen and helium, with hardly any sodium. Seemingly neither has enough to be responsible for the cloud. Scientists also used the European Southern Observatory’s Very Large Telescope in Chile to see that the cloud hovers high above the exoplanet’s atmosphere — just like the cloud Io envelops around Jupiter. 

Next the team developed computer models to see if an exomoon could be the cloud’s catalyst. Their simulations found that a moon with a snug eight-hour orbit around the planet could explain the cloud’s motion — the way it seemed to sometimes drift in front of the planet and how it didn’t appear to be tied to any particular region of the alien world. 

Jupiter's moon Io

Jupiter’s moon Io, seen in multiple views above, is the most volcanically active world in our solar system.
Credit: NASA / JPL-Caltech / SwRI / MSSS

Scientists can’t say anything definitive about the exomoon because it’s just a candidate. But here’s what astronomers know about Io, the third-largest Jovian moon out of 95. Io is the most volcanic world in the solar system. Astronomers believe hundreds of volcanoes spew fountains that reach dozens of miles high.

Jupiter’s gravity squeezes Io‘s core as the moon moves closer, then slackens as it moves farther away. This swelling and contracting causes Io’s interior to heat up, triggering tidal volcanism

Scientists will need to continue observing this cloud to confirm its behavior, so the team is likely a long way from knowing with certainty if they have proof of an exomoon. Still, the results are thrilling for Oza, who believes looking for gas clouds — perhaps an order of magnitude larger than their source — could be an indirect method of finding habitable moons in other star systems.





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World’s First Private Space Station Is Like A Luxurious Hotel With Earth Views; Watch

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California-based aerospace company Vast has revealed the remarkable interior design of Haven-1, which is set to become the world’s first commercial space station. In a newly released video, the company showcased a habitat that looks more like a luxury hotel than a typical orbital laboratory. The design, both sleek and inviting, promises a new level of comfort for future space travelers.

Haven-1 features modern wood veneer accents, padded white walls, and amenities similar to those found in top-tier hotels. The station also offers visitors a fully equipped gym to help them stay active, even in zero gravity. Additionally, private rooms are outfitted with the latest entertainment and communication technologies, ensuring that astronauts can easily stay in touch with family and friends on Earth.

“Set to launch on SpaceX’s Falcon rocket in 2025, Haven-1’s first paying customers will board in 2026,” Vast said in a press release.

ALSO SEE: What Will Earth Look Like From Private Space Station? Axiom Space’s Astronaut Reveals

Accommodating up to four astronauts, Haven-1 provides a level of comfort far surpassing that of the International Space Station (ISS). Each astronaut will have a cosy private room, complete with storage, a vanity, and a specially engineered queen-sized bed to enhance sleep quality in space.

Veteran NASA astronaut Andrew Feustel, who has accumulated over 225 days in space, played a key advisory role in shaping the design and layout of Haven-1. His extensive experience contributed to ensuring that the space station would not only be functional but also comfortable for its inhabitants.

“From communication and connectivity, to private space and interacting with others aboard, to advancing human progress on Earth and beyond, every detail has been designed with the astronaut experience at the core of our work,” he said.

ALSO SEE: Astronaut Floats In Space As Tiangong Space Station Cruises Above Blue Earth; Watch

(Image: Vast)





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Space footage shows Hurricane Milton explode into monster storm

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Some hurricanes rapidly intensify. Hurricane Milton has “explosively” intensified.

The National Hurricane Service, after observing the Category 5 cyclone continually strengthen, reported Monday that Florida-bound “Milton Explosively Intensifies With 175-Mph Winds.” This means Milton “is unfortunately hitting the top-end of possible intensification rates,” meteorologist Levi Cowan posted online. The hurricane jumped from a Category 1 to 5 in under a day.

Tropical storms, particularly the most powerful hurricanes, can exploit favorable environment conditions to rapidly intensify. This means increasing wind speed by some 35 mph, or 30 knots, in 24 hours. Milton has gone well beyond that.

“There is such a thing as ‘extreme rapid intensification’ and #Milton has done it,” Kathryn Prociv, a meteorologist with NBC news, explained online. “Extreme RI defined as a 58mph+ increase in 24 hours. Milton has gone 90mph.”

Mashable Light Speed

The footage below, captured by National Oceanic and Atmospheric Administration weather satellites, demonstrates Milton’s robust windup and growth. The storm is projected to make landfall on the west coast of the Florida peninsula on Wednesday, and is tracking toward the well-populated Tampa Bay region. It’s serious.

“If the storm stays on the current track, it will be the worst storm to impact the Tampa area in over 100 years,” the National Weather Service said.


“Extreme RI defined as a 58mph+ increase in 24 hours. Milton has gone 90mph.”

The storm is now rapidly spinning through the Gulf of Mexico, with extreme winds circulating around its well-defined eye:

Though a number of factors influence the formation of strong hurricanes (opposing winds that can break apart storms, moist or dry air, etc.), a vital influence is warm sea surface temperatures of over 80 degrees Fahrenheit (27 degrees Celsius). Warm oceans act as jet fuel for hurricanes, storm scientists explain. That’s because warmer oceans fuel tropical storms as more water naturally evaporates into the air, giving storms energy and moisture to intensify. Crucially, the oceans, which absorb most of the heat created by burning fossil fuels, are relentlessly warming.

Today, Atlantic hurricanes are already twice as likely to develop from a milder storm into a major hurricane.





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