Mumbai-based fintech startup TransBnk has raised $4 million or roughly Rs 33.5 crore in a Series A round funds round led by existing investor 8i Ventures, an India-focused early-stage venture capital firm.
Accion Venture Lab, a global impact investor known for supporting financial technology Startups also participated.
Other participants in the round included GMO Venture Partners, Ratio Ventures, Force Ventures and a group of family offices, institutions and angel investors.
Before this round, the startup raised $1 million in June 2023, led by 8i Ventures and other investors.
What does TransBnk do?
Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta and Pulak Jain, TransBnk is a transaction banking platform that enables corporate, commercial and institutional customers to conduct agile, secure and robust transactions through integrated finance and Software as a Service (SaaS).
The platform provides deep domain expertise to ensure seamless trade transactions, covering areas such as domestic cash management, payments, escrow, trade finance, supply chain finance and custody services.
“Transaction banking has emerged as a transformative force in the banking and technology space, with a global market potential of $1 trillion and projected to be a $2 trillion industry by 2030. In India, we expect the $200 billion unsecured lending market to be disrupted by transaction banking, which will leverage cash flows,” said Vaibhav Tambe, CEO and Co-Founder, TransBnk.
Expansion plans and market focus
With the new funding, TransBnk plans to expand its network of banking partners and pursue global expansion, focusing especially on the Middle East and Southeast Asia markets.
The startup aims to leverage first-mover advantage in these regions to build significant market share.
Additionally, the funding will also help strengthen its technology infrastructure, enhance its product offering and support its plans to revolutionize the $200 billion unsecured lending market in India by leveraging cash flows through transaction banking.
TransBnk’s presence in the market
TransBnk claims to have achieved 10x revenue growth and has formed partnerships with over 25 banks and expanded over 200 APIs to support 100 BFSI clients.
The startup also claims to have processed over 50 million transactions and supported over 5,000 accounts, including escrow accounts.
Vikram Chachra, Founding Partner at 8i Ventures, said, “TransBnk is revolutionizing India’s trillion-dollar transaction banking industry by enabling banks to offer advanced transactional services and bridging the technology gap. Their innovative approach is set to transform the financial landscape. This investment aligns perfectly with our strategy of backing innovative fintech companies.”
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