The Indian arm of SBM Bank, one of the banks that has aggressively worked with fintech startups in the South Asian market, is engaging with investors to raise capital and pitching the vision of becoming one of the top banking-as-a-service providers in the country, according to a source familiar with the matter.
The Indian arm is in advanced stages of planning to raise $50 million to $75 million at a pre-money valuation of around $200 million, according to a source who requested anonymity to discuss private matters. The round hasn’t closed yet, so the terms of the deal could change, according to the source. The firm sees deep partnerships with fintech startups like Bengaluru-based Razorpay and Slice as a key growth pillar.
