Shivalik Small Finance Bank

Background

Shivalik Small Finance Bank (SSFB) is India's first Small Finance Bank to transition from an Urban Co-operative Bank, specifically Shivalik Mercantile Co-operative Bank (SMCB). Established in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD & CEO until the transition, SSFB has over 25 years of experience in offering retail banking products and services. The bank's mission is to be a trusted financial services provider focusing on small and underserved segments through digitally focused, affordable products and a differentiated customer experience.

Key Strategic Focus

SSFB emphasizes financial inclusion by providing capital to underserved small businesses, including mom-and-pop stores and women entrepreneurs. The bank is also focusing on emerging areas like electric vehicle (EV) and solar financing. Leveraging a technology-first approach, SSFB utilizes a cloud-based architecture powered by Infosys Finacle Core Banking and Digital Banking Suite, enabling cost-effective scalability and agility. The bank operates through 175 branches across multiple states, including Uttar Pradesh, Uttarakhand, Madhya Pradesh, NCR, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu, serving over 800,000 unique customers.

Financials and Funding

In June 2024, SSFB raised ₹100 crore in equity investment co-led by global venture capital firms Accel and Quona, with participation from Bharti AXA Life Insurance. The funds are intended to support digital expansion through fintech partnerships, physical expansion, and product innovation.

Technological Platform and Innovation

SSFB's technological infrastructure is built on Infosys Finacle Core Banking and Digital Banking Suite, providing a cloud-based architecture that ensures agility and scalability. The bank has developed an extensive library of APIs across customer onboarding, e-KYC, savings accounts, deposits, and lending, facilitating rapid fintech partnerships and innovative banking solutions. Additionally, SSFB has re-architected banking channels and partner use cases into separate micro-services, allowing for independent enhancement, monitoring, and scaling.

Leadership Team

Anshul Swami, Managing Director & CEO: Over 21 years of experience in MSME and consumer banking with RBL and Barclays.

Gaurav Mittal, Chief Operating Officer: 20 years of experience in financial services and infrastructure; with SSFB for over 10 years.

Gaurav Seth, Chief Financial Officer: 20 years of experience in financial planning, cost & profitability management, treasury, and investor relations with Actis PE, KPMG, and Deloitte.

Anshul Sharma, Chief Risk Officer: Over 23 years of experience in credit risk management, operational & fraud risk management, statistical modeling & analytics, and product management with domestic and foreign banks.

Ramesh Thimmana, Chief Information Officer: More than 25 years of experience, having held strategic roles at SaaS and user internet startups in India.

Leadership Changes

In April 2022, SSFB appointed Anshul Swami as Managing Director and CEO, succeeding Suveer Kumar Gupta, who continues to contribute as an Advisor to the Board.

Competitor Profile

Market Insights and Dynamics

The small finance bank sector in India aims to provide financial inclusion to underserved segments, including small business units, small and marginal farmers, micro and small industries, and unorganized sector entities. As of April 2025, there are 12 small finance banks operating in India.

Competitor Analysis

AU Small Finance Bank: Established in 2017, headquartered in Jaipur, Rajasthan, with 630 branches.

Equitas Small Finance Bank: Founded in 2016, based in Chennai, Tamil Nadu, operating 987 branches.

Ujjivan Small Finance Bank: Commenced operations in 2017, headquartered in Bangalore, Karnataka, with 752 branches.

Suryoday Small Finance Bank: Started in 2017, based in Navi Mumbai, Maharashtra, operating 695 branches.

Utkarsh Small Finance Bank: Established in 2018, headquartered in Varanasi, Uttar Pradesh, with 967 branches.

Strategic Collaborations and Partnerships

SSFB has formed significant partnerships to enhance its service offerings:

Indiagold: Offering doorstep delivery of gold loans.

Airtel Payments Bank: Digital sourcing of loans.

Manipal Business Solutions: Strengthening gold loan offerings through SahiBandhu™.

Digit Insurance: Offering easy-to-comprehend insurance products to customers.

Operational Insights

SSFB's technology-driven approach, combined with its focus on financial inclusion and strategic partnerships, positions it uniquely in the small finance bank sector. The bank's cloud-based architecture and API-driven services enable rapid scalability and innovation, providing a competitive edge over traditional banks with legacy systems.

Strategic Opportunities and Future Directions

SSFB aims to expand its digital footprint through fintech partnerships, enhance its physical presence in key regions, and innovate its product offerings to cater to the evolving needs of underserved segments. The bank's strong technological foundation and experienced leadership team are pivotal in achieving these objectives.