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 the advanced stages of deliberations to raise between $50 million to $75 million at a pre-money valuation of about $200 million, the source said, requesting anonymity discussing private matters. The round hasn’t closed, so the terms of the deal may change.
The firm sees its deep partnerships with fintech startups such as Bengaluru-headquartered fintechs Razorpay and Slice as a key growth pillar, according to an investor presentation seen by TechCrunch.