India’s first co-operative bank-turned-small finance bank just scored big — and its digital banking game is about to level up.
Shivalik Small Finance Bank has raised a whopping ₹100 crore in fresh equity funding, with the round led by Japan’s SMBC Asia Rising Fund, the venture arm of global giant Sumitomo Mitsui Banking Corporation. That’s not all — Accel, Quona Capital, Lightspeed, and Sorin Investments — all existing backers — returned to double down on the Noida-based lender.
What’s the Big Plan for the ₹100 Crore?
The bank says the capital injection will supercharge its technology, grow product and engineering teams, and scale its banking-as-a-service (BaaS) platform — a core driver of its next growth phase.
“BaaS is a key pillar of our growth,” said Anshul Swami, Shivalik’s MD and CEO.
“With our robust tech stack and deep banking knowledge, we’re building scalable, partner-friendly solutions for underserved India.”
From Co-op to Fintech Trailblazer
Founded back in 1997 as Shivalik Mercantile Co-operative Bank, the institution made history in 2021 by becoming the first urban co-operative bank to transform into a small finance bank, under the RBI’s voluntary scheme.
And the results speak volumes:
- 900,000+ customers
- 79 branches + 114 BC outlets across 11 states
- ₹6,000+ crore business portfolio
- ₹423 crore in annual revenue
- All powered by Infosys Finacle’s digital banking platform
A Digital Bet on Semi-Urban & Rural India
With a growing footprint in semi-urban and rural markets, Shivalik is targeting MSMEs and retail customers often left behind by traditional banks. The bank’s modern cloud-native tech enables agile services via web and mobile — putting real banking power in the hands of the underserved.
