Shivalik Small Finance Bank has bagged Rs 100 crore in equity co-led by venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, along with participation from the existing investors Accel and Quona.
The bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop the product proposition as it continues its journey to build a digital-first bank for the small business and underserved segments.
Anshul Swami, Managing Director and CEO, Shivalik Small Finance Bank, stated that this investment will help them accelerate their growth as they are looking to leverage digital banking adoption by small business and retail customers.
He Further added, “We aim to reach MSMEs and underserved retail customers of ‘Bharat’ through a wide range of partnerships. We are committed to building our delivery approach while developing new products and services to meet the diversified needs of our customers by combining the power of technology along with our deep banking experience.”
The Noida-based bank is the first Small Finance Bank (SFB) in India to have transitioned from an Urban Cooperative Bank (UCB) with over 25 years of experience in offering retail banking products and services.
