This is the first major project for the Mumbai-based company. institutional financing since raising $1 million in June 2023.
Venture Action Lab, OGM Venture PartnersRatio Ventures, Force Ventures, as well as several family offices and angel investors also participated in this round.
TransBnk’s post-investment valuation was about $15 million, three times its last round valuation, according to CEO Vaibhav Tambe.
The new capital will be used to expand TransBnk’s network of banking partners, as well as to boost its global expansion strategy, with a focus on the West Asian and Southeast Asian markets. The company also plans to strengthen its technological infrastructure and enhance its product offering.
“Transactional banking has emerged as a transformative force in the banking and technology space. In India, we expect the $200 billion unsecured lending market to be disrupted by transactional banking that will leverage cash flows. This represents a significant opportunity for us, considering our expertise in banking technology domain across various segments such as lending technology, regulatory technology and payment technology,” Tambe said.
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Founded in 2022 by Tambe, a former senior executive at Industrial Bank, TransBnk TransBnk provides a transactional banking platform that offers the infrastructure for banks, non-banking financial companies (NBFCs), and fintech companies to develop use cases in lending, payments, and onboarding. By leveraging application programming interface-based upgrades, TransBnk enables its clients to deliver financial services in a scalable manner.
Since its inception, it has partnered with around 25 banks and 100 NBFCs and fintech companies. The company claims to have supported around 5,000 accounts, including escrow accounts, and processed around 50 million transactions to date.
According to Tambe, TransBnk’s revenue has grown nearly tenfold since last year’s seed funding round. The company currently has annual recurring revenue of between $1.2 and $1.3 million and expects this to increase three to four times over the next six months.
“TransBnk is revolutionizing India’s trillion-dollar transaction banking industry by enabling banks to offer advanced transactional services and bridge the technology gap. Its innovative approach is set to transform the financial landscape,” said Vikram Chachra, Founding Partner, 8i Ventures.
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