Shivalik Small Finance Bank announced that it has raised Rs 111 crore from two global venture capital firms as well as Bharti AXA Life Insurance.
Accel and Quona Capital are the two worldwide venture capital firms that participated in the funding round.
According to the bank, the funds will be used to improve its technology stack, grow its personnel, and deepen partnerships as it strives to become the go-to bank for Indian SMEs.
The Noida-based bank is the first to have made the move from an urban cooperative bank with 23 years of experience in retail banking products and services.
The bank has about 5.6 lakh customers and operates in northern India with 46 branches and 21 exclusive Business Correspondent branches.
In the financial services market, we are on a promising path of growth-focused tech-driven innovations and strategic partnerships. According to Anshul Swami, Managing Director of Shivalik Small Finance Bank (SFB), “this investment will help us accelerate our expansion as we strive to harness digital banking uptake by small business and retail consumers.”