Shivalik Small Finance Bank Secures Rs 100 Crore in Equity Funding
Shivalik Small Finance Bank (SSFB), transitioning from an urban cooperative bank to a small finance bank, has successfully raised Rs 100 crore in equity capital. The funding was spearheaded by the SMBC Asia Rising Fund from Japan, the corporate venture capital division of Sumitomo Mitsui Banking Corporation (SMBC). Additional investments came from existing backers, including Accel, Quona Capital, Lightspeed, and Sorin Investments.
The capital will be directed towards enhancing its technology infrastructure, growing the workforce in key areas such as product development, engineering, and operations, as well as building scalable solutions through its expanding banking-as-a-service (BaaS) offering, according to a press release from SSFB.
Comprehensive Financial Solutions from Shivalik
Shivalik provides a complete range of retail and MSME-focused financial products, which encompass savings accounts, fixed deposits, gold loans, overdrafts, and digital payment options. The bank has formed partnerships with leading insurance companies such as Bajaj Allianz, Go Digit, Kotak Life, LIC, and New India Assurance, enabling it to deliver integrated financial solutions to an increasing customer base.
Commitment to Digital Transformation
Anshul Swami, the managing director and CEO of Shivalik Small Finance Bank, stated that the bank is committed to building a solid digital foundation aimed at serving MSME and retail customers throughout Bharat. He emphasized that their growth strategy prominently features banking-as-a-service, facilitating a wide array of applications through innovative products and seamless partner integrations. The bank aims to leverage its technological capabilities, extensive banking expertise, and dedication to its partners to provide scalable solutions that align with the needs of its target audience.
Impressive Reach and Financial Performance
As of FY24, Shivalik claims to serve over 900,000 customers across 79 branches and 114 business correspondent (BC) outlets spanning 11 states. The bank boasts a workforce of approximately 800 employees and has cultivated a business portfolio exceeding Rs 6000 crore, generating an annual revenue of Rs 423 crore in the previous fiscal year.