Shivalik Small Finance Bank raises Rs 100 Cr from SMBC, Accel, Lightspeed, others

Shivalik Small Finance Bank (SSFB), a small finance bank to transition from an urban cooperative bank, has raised Rs 100 crore in equity capital. The funding round was led by SMBC Asia Rising Fund- Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), with additional participation from existing investors, Accel, Quona Capital, Lightspeed, and Sorin Investments.

The proceeds will be utilised to strengthen its technology stack, expand  workforce across critical functions such as product, engineering, and operations,…