TransBnk, a transaction banking platform incepted in 2022 to help banking and financial services institutes conduct more seamless inter-party transactions, has raised $4Mn in a Series A round. The round was led by 8i Ventures and Accion Venture Lab, with participation from GMO Venture Partners, Ratio Ventures, Force Ventures along with a prominent group of family offices, institutions, and angel investors.
Founded in 2022 by Vaibhav Tambe, ‘TransBnk’ enables corporates, commercial & institutional clients to make agile, secure & robust transactions with embedded finance & SaaS. It provides a whole suite of AI-ML powered technology products in areas such as treasury management, lending, repayments among others. Under each sector, the platform provides a slew of specific solutions, tailored for larger transactions in the BFSI space.
“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 with Transaction Banking tapping cash flows.”, says Tambe.
In a relatively short span of time, the company claims to have onboarded over 25 Banks for its platform, extending more than 200 APIs, while working with 100 BFSI clients. The platform has supported over 5000 accounts including escrows and processed more than 50 million transactions. This has made TransBnk the preferred solution for NBFCs, Micro Finance Institutions, banks, and fintech handling complex transactions like Treasury Management, co-lending, supply chain finance, and Cash flow based lending use cases.
Having raised a seed round last year, TransBnk claims to have witnessed 10x revenue growth since then. The startup 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.
