TransBnk Raises $4 Million to Revamp Transactional Banking for Financial Institutions

Tuesday, 20 August 2024, 23:07

TransBnk has secured $4 million to enhance its transactional banking tech stack for banks and NBFCs. The funding, led by 8i Ventures, aims at expanding its global footprint and tech infrastructure. This round showcases the growing interest in advanced transaction solutions.
Inc42
TransBnk Raises $4 Million to Revamp Transactional Banking for Financial Institutions

TransBnk Secures $4 Million

TransBnk, a Mumbai-based transaction banking platform, has successfully raised $4 million (INR 33 Cr) in a Series A funding round co-led by 8i Ventures and Accion Venture Lab. Participation also came from other notable investors, including GMO Venture Partners, Ratio Ventures, and Force Ventures. The company intends to use the funds to broaden its network of banking partners and enhance its technology infrastructure.

Plans for Expansion and Service Enhancement

The startup aims to expand into international markets within the Middle East and South East Asia. Established in 2022 by a team of innovative entrepreneurs—Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain—TransBnk offers a robust suite of APIs that empower banks, NBFCs, and fintech firms to develop new services for lending, payments, and customer onboarding.

Leveraging Technology for Complex Transactions

  • TransBnk positions itself as a vital solution for handling complex transactions such as treasury management, co-lending, supply chain finance, and cash flow-based lending.
  • According to CEO Vaibhav Tambe, they currently partner with 25 to 26 banks and deliver services to large NBFCs, fintechs, and mutual funds.
  • The company has recorded a remarkable 10X revenue growth since last year's seed round.

TransBnk now boasts partnerships with a growing number of banks, currently offering over 200 APIs and catering to 100 BFSI clients. The platform has processed more than 50 million transactions, managing over 5,000 accounts, including escrows. This rapid growth solidifies TransBnk's presence in the transaction banking landscape.

(The story will be updated soon)


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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