Shivalik Small Finance Bank received Rs 100 Cr from SMBC, Accel, Lightspeed, others

In order to change from being an urban cooperative bank to a small finance bank, Shivalik Small Finance Bank (SSFB) has raised Rs 100 crore in equity capital. The corporate venture capital division of Sumitomo Mitsui Banking Corporation (SMBC), SMBC Asia Rising Fund-Japan, spearheaded the funding round. Other participants included Accel, Quona Capital, Lightspeed, and Sorin Investments, all of whom are already investors.

According to a press release from SSFB, the money raised will be used to fortify its technology stack, increase the number of employees in key departments like product, engineering, and operations, and create scalable solutions through its quickly expanding banking-as-a-service (BaaS) offering.

Savings accounts, fixed deposits, gold loans, overdrafts, and digital payments are just a few of the retail and MSME-focused products that Shivalik provides. In order to provide its expanding clientele with integrated financial solutions, it has also partnered with significant insurance companies such as Bajaj Allianz, Go Digit, Kotak Life, LIC, and New India Assurance.

“At Shivalik, we are building a strong digital foundation to serve the MSME and retail customers across Bharat. Our growth plans have banking-as-a-service as a key pillar – powering a range of use-cases through innovative products and easy partner integrations. We believe that our technology stack, depth of banking knowledge, and commitment to partners will continue to allow us to deliver scalable solutions that resonate with our core audience,” said Anshul Swami, managing director & CEO of Shivalik Small Finance Bank.

According to Shivalik, it employs about 800 people and serves over 9 lakh customers through 79 branches and 114 business correspondents (BC) outlets in 11 states as of FY24. The bank made Rs 423 crore in revenue during the most recent fiscal year and has a business portfolio worth over Rs 6000 crore.