TransBnk, a burgeoning transaction banking platform, has successfully garnered $4m in its latest Series A funding.
According to IBS Intelligence, the investment round was spearheaded by 8i Ventures, a venture capital firm with a focus on early-stage investments in India, and Accion Venture Lab, which supports FinTech startups aiming to broaden financial access globally. Additional support came from GMO Venture Partners, Ratio Ventures, and Force Ventures, supplemented by various family offices, institutional, and angel investors.
TransBnk operates as a pivotal backbone for both traditional and contemporary BFSI entities, allowing them to develop new applications across different business areas such as lending, payments, and customer onboarding. By offering an API-driven enhancement to the current infrastructure, TransBnk enables the delivery of financial services that are scalable, robust, and compliant with existing regulations.
The funds from this round are earmarked for expanding TransBnk’s network of banking partners and furthering its reach into the Middle East and Southeast Asia. The company aims to capitalize on its first-mover advantage in these regions to secure a significant market share. Additionally, there are plans to fortify its technological base and further develop its product offerings.
Since its initial seed funding last year, TransBnk has experienced a tenfold increase in revenue, demonstrating significant growth and potential in the transaction banking sector. The company is now poised to disrupt the substantial unsecured lending market in India, tapping into the estimated $200bn in potential with innovative transaction banking solutions.
TransBnk CEO and Co-Founder Vaibhav Tambe stated, “Transaction Banking has emerged as a transformative force in the banking and technology space. In India, we expect the $200b unsecured lending market to be disrupted with Transaction Banking tapping cash flows. This presents a significant opportunity to us, considering our domain expertise in Banking & Technology across various segments like Lendingtech, Regtech, and Paytech.”
Vikram Chachra, Founding Partner at 8i Ventures, remarked, “TransBnk is revolutionizing India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services, bridging the technology gap. Their innovative approach is set to reshape the financial landscape. This investment perfectly aligns with our strategy of supporting ground-breaking FinTech ventures.”
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