Mumbai-based fintech startup TransBnk has secured $4 million (around Rs 33.5 crore) in its Series A funding round. This round was led by 8i Ventures, an early-stage venture capital firm focused on India. Accion Venture Lab, a global impact investor, also participated alongside other investors like GMO Venture Partners, Ratio Ventures, Force Ventures, and various family offices, institutions, and angel investors.
This funding follows a previous round in June 2023, where TransBnk raised $1 million led by 8i Ventures and others.
What Does TransBnk Do?
Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, TransBnk is a transaction banking platform that focuses on enabling corporate, commercial, and institutional clients to carry out fast, secure, and reliable transactions. The startup uses embedded finance and software-as-a-service (SaaS) solutions to provide services such as:
- Domestic cash management
- Payments
- Escrow services
- Trade finance
- Supply chain finance
- Custodial services
- TransBnk leverages its deep expertise to streamline business transactions for its clients, making financial operations more efficient and seamless.
Transforming Transaction Banking
CEO and Co-Founder Vaibhav Tambe highlighted the importance of transaction banking as a growing force in the global financial landscape. He noted that this sector holds a $1 trillion global market potential and is expected to reach $2 trillion by 2030.
In India, TransBnk aims to disrupt the $200 billion unsecured lending market by tapping into transaction banking as a way to streamline cash flow management. The startup’s innovative approach is poised to redefine how banks manage and execute large-scale financial transactions.
Plans for Expansion
With the fresh $4 million infusion, TransBnk plans to expand its network of banking partners and focus on global expansion. The startup is setting its sights on the Middle East and Southeast Asia, aiming to leverage its first-mover advantage in these regions.
The funding will also be used to strengthen TransBnk’s technology infrastructure and enhance its product offerings. Additionally, the company plans to increase its efforts in disrupting the Indian unsecured lending market through innovative transaction banking solutions.
Rapid Market Growth
Since its founding in 2022, TransBnk has claimed to achieve 10X revenue growth. It has partnered with over 25 banks and extended more than 200 APIs to support 100 BFSI (Banking, Financial Services, and Insurance) clients.
To date, TransBnk has processed over 50 million transactions and supports over 5,000 accounts, including escrows.
Investor Confidence in TransBnk
Vikram Chachra, Founding Partner at 8i Ventures, expressed his confidence in TransBnk’s ability to reshape India’s trillion-dollar transaction banking sector. He noted that the startup’s innovative approach to bridging the technology gap is empowering banks to offer more advanced transaction services. Chachra believes this investment aligns perfectly with 8i Ventures’ strategy of backing disruptive fintech ventures.
With this new funding, TransBnk is set to expand its reach both within India and globally. As it continues to innovate in the field of transaction banking, the startup is poised to play a significant role in the future of finance, helping businesses carry out secure and efficient transactions while disrupting traditional models of banking.
