Shivalik Small Finance Bank (SSFB), has raised Rs 100 crore in fresh equity funding, led by SMBC Asia Rising Fund, the corporate venture capital arm of Japan’s Sumitomo Mitsui Banking Corporation (SMBC). Existing investors Accel, Quona Capital, Lightspeed, and Sorin Investments also participated in the round.
The capital infusion will be utilized to enhance Shivalik’s technology infrastructure, expand its talent pool across product, engineering, and operations, and accelerate the development of scalable solutions through its banking-as-a-service (BaaS) platform. The bank aims to deepen its presence in India’s underserved MSME and retail segments, particularly in semi-urban and rural markets.
Anshul Swami, Managing Director and CEO, SSFB, stated the deal marks a strategic step in building a “digital-first retail bank” with BaaS as a growth pillar. “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,” he added.
The partnership with SMBC is expected to bolster Shivalik’s digital-led growth strategy and reinforce its role in expanding financial access across India.
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