Shivalik Small Finance Bank (SSFB) has raised ₹100 crore in equity funding led by SMBC Asia Rising Fund – Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC). The round also saw participation from existing investors, Accel, Quona Capital, Lightspeed, and Sorin Investments.
The funds raised will be used to strengthen its technology stack, expand its 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.
Anshul Swami, Managing Director & CEO of Shivalik Small Finance Bank, said, “We are extremely pleased to onboard SMBC Asia Rising Fund, backed by SMBC as a valuable and strategic partner in our journey of building a digital-first retail bank. 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.”
Rajeev Kannan, Managing Executive Officer & Head of India Division at SMBC, said, “SMBC Group is deeply committed to contributing to the broad-based growth of the Indian economy. Through our collaboration with Shivalik—leveraging its digital-native technology stack and strategic partnerships with high-growth external platforms—we are excited to advance the provision of inclusive and scalable financial solutions across India.”
Shivalik Small Finance Bank is the first Urban Cooperative Bank in India to transition into a Small Finance Bank, with over 25 years of experience in retail banking. Since its SFB launch in 2021, the bank has focused on scalable, tech-enabled growth. It operates on a cloud-native architecture, powered by the Infosys Finacle Core and Digital Banking Suite, serving 9+ lakh customers across 79 branches and 114 BC outlets in 11 states. With a business size crossing ₹6,000 crore, annual revenue of ₹423 crore, andan employee base of over 800, Shivalik continues to scale sustainably by leveraging its digital-first approach and strong retail presence in semi-urban and emerging markets.
