Mumbai-based transaction banking platform, TransBnk has raised $4 million in series A round funding led by 8i Ventures.
The fresh round funding also saw the participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures along with other family offices, institutions, and angel investors.
“The company plans to utilize these funds towards expanding the network of banking partners, while also pursuing global expansion plans with a focus on Middle East and South East Asia markets. It aims to leverage the first-mover advantage in these regions and build market share,” the press release said.
Further, TransBnk intends to bolster its tech infrastructure and developments to enhance its product stack.
TransBnk provides the rails on which incumbent and new-age BFSI players can build new use cases for various business segments like lending, payments, and onboarding. These rails offer an API-led upgrade to the existing infrastructure for delivering financial services in a scalable, robust, and compliant manner.
Speaking on the funding round, Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “Transaction Banking has emerged as a transformative force in the banking and technology space, holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030. In India, we expect the $200 Bn unsecured lending market to be disrupted by 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.”
“We are elated with this fund-raise, which underscores investors’ confidence in our vision, team, and ability to operate in a competitive environment. With the support of 8i Ventures, Accion Venture Lab, GMO Venture Partners, Ratio Ventures and our robust team of senior ex-bankers and NBFC officials, we will continue building stronger partnerships, driving success together”, Vaibhav added.
Commenting on the investment in TransBnk, Vikram Chachra, Founding Partner at 8i Ventures said, “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.”
“Complex multi-party transactions can create bottlenecks for micro and small entrepreneurs who are often left out of, or poorly served by, the financial system and lack sufficient access to supply chain and marketplace solutions needed for growth. With strong revenue growth, TransBnk has proven that its transaction banking model can make these transactions easier, increasing access. The company is in an excellent position to expand their model internationally with this raise, enabling it to reach more underserved entrepreneurs,” Rahil Rangwala, Managing Partner at Accion Venture Lab added.