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

Shivalik Small Finance Bank (SSFB), a small finance bank to transition from an urban cooperative bank, has raised Rs 100 crore in equity capital. The funding round was led by SMBC Asia Rising Fund- Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), with additional participation from existing investors, Accel, Quona Capital, Lightspeed, and Sorin Investments.

The proceeds will be utilised to strengthen its technology stack, expand  workforce across critical functions such as product, engineering, and operations, and to develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) proposition, SSFB said in a press release.

Shivalik offers a full suite of retail and MSME-focused products, including savings accounts, fixed deposits, gold loans, overdrafts, and digital payments. It has also partnered with major insurance providers like Bajaj Allianz, Go Digit, Kotak Life, LIC, and New India Assurance to offer integrated financial solutions to its growing base of customers.

“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.

As of FY24, Shivalik claims that it serves over 9 lakh customers across 79 branches and 114 business correspondents (BC) outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of over Rs 6000 crore and generated annual revenue of Rs 423 crore in the last fiscal year.