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

Shivalik Small Finance Bank (SSFB) has raised Rs 100 crore in equity capital led by SMBC Asia Rising Fund, a corporate venture capital fund cofounded by Japan's Sumitomo Mitsui Banking Corporation.

 The round also saw participation from existing investors, Accel, Quona Capital, Lightspeed, and Sorin Investments.

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The funds will be used to enhance its technology, hire more staff in key areas like product, engineering, and operations, and build scalable solutions through its fast-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."

About Shivalik Small Finance Bank

Shivalik, an urban cooperative bank since 1997, became a small finance bank in 2021. Shivalik offers a range of retail and MSME products, such as savings accounts, fixed deposits, gold loans, overdrafts and digital payments. It also partners with insurers like Bajaj Allianz, Go Digit, Kotak Life, LIC and New India Assurance to provide integrated financial solutions to its expanding customer base.

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It now serves over 9 lakh customers through 79 branches and 114 business correspondent outlets in 11 states. With a business size of ₹6,700 crore and 1,000 employees, it reported ₹423 crore in revenue for FY25.