Mumbai-based transaction banking platform TransBnk has raised $4 million (around Rs 34 crore) in its Series A funding led by 8i Ventures, the early-stage India-focused venture capital fund known for its notable investments in the fintech space, including M2P, Slice, Easebuzz, among others.
The round was co-led by Accion Venture Lab and also saw contributions from GMO Venture Partners, Ratio Ventures and Force Ventures along with a group of family offices, institutions, and angel investors.
The company plans to use the 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 also aims to improve its tech infrastructure and developments to enhance its product stack with fresh capital.
Founded in 2022, TransBnk provides the rails on which incumbent and new-age BFSI firms can build new use cases for various business segments like lending, payments and onboarding, the company said in a release.
"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,” said Vaibhav Tambe, chief executive officer and co-founder of TransBnk.
“In India, we expect the $200 billion 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 and technology across various segments like lendingtech, regtech, and paytech,” Tambe added.
The company claims that in only 20 months, it forged partnerships with over 25 banks, extending more than 200 APIs, while working with 100 BFSI clients. It also claimed that the platform has supported over 5000 accounts including escrows and processed more than 50 million transactions.
“TransBnk is revolutionizing India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services, bridging the technology gap. Its innovative approach is set to reshape the financial landscape. This investment perfectly aligns with our strategy of supporting ground-breaking fintech ventures,” said Vikram Chachra, founding partner at 8i Ventures.
