Shivalik Small Finance Bank (SSFB) has raised INR 100 crore in equity funding, led by SMBC Asia Rising Fund, a corporate venture capital fund co-founded by Japan’s Sumitomo Mitsui Banking Corporation.
Existing investors Accel, Quona Capital, Lightspeed, and Sorin Investments also took part in the round.
The bank will use the funds to improve its technology, hire more people in key roles such as product, engineering, and operations, and develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) platform.
“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.
Rajeev Ranka, partner at SMBC Asia Rising Fund, said, “partnerships with regulated entities that can enable our portfolio companies to collaborate and co-create products.” “Shivalik’s partner-first model aligns well with this objective.”
Shivalik started as an urban cooperative bank in 1997 and became a small finance bank in 2021. It offers various retail and MSME products, including savings accounts, fixed deposits, gold loans, overdrafts, and digital payments.
The bank also works with insurers like Bajaj Allianz, Go Digit, Kotak Life, LIC, and New India Assurance to offer integrated financial solutions to its growing customer base.
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