Shivalik Small Finance Bank (SSFB), which transitioned from an urban cooperative bank to a small finance bank, has raised ₹100 crore in equity capital. The funding round was led by SMBC Asia Rising Fund – Japan, the corporate venture arm of Sumitomo Mitsui Banking Corporation (SMBC), with participation from existing investors Accel, Quona Capital, Lightspeed, and Sorin Investments.
The capital infusion will be deployed to enhance SSFB’s technology stack, expand its workforce in critical functions such as product, engineering, and operations, and scale its banking-as-a-service (BaaS) proposition.
SSFB offers a full range of retail and MSME-focused financial products, including savings accounts, fixed deposits, gold loans, overdrafts, and digital payments. It has partnered with leading insurance providers such as Bajaj Allianz, Go Digit, Kotak Life, LIC, and New India Assurance to offer integrated financial solutions to its growing customer base.
“At Shivalik, we are building a strong digital foundation to serve 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,” said Anshul Swami, MD & CEO, Shivalik Small Finance Bank.
As of FY24, SSFB serves over 9 lakh customers across 79 branches and 114 BC outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of ₹6,000+ crore and generated ₹423 crore in annual revenue during the last fiscal year.
By: Arushi Agarwal
