TransBnk, a Mumbai-based fintech business, has raised $4 million in its Series A fundraising round, led by 8i Ventures. The round included Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, as well as family offices, institutions, and angel investors.
In June 2023, the Mumbai-based fintech business raised $1 million in seed funding, backed by 8i Ventures.
TransBnk plans to use the money to develop its banking partner network, enter the Middle East and SouthEast Asia regions, strengthen its tech infrastructure, and improve its product stack (source: press release).
TransBnk, launched in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, is a transaction banking platform that allows corporate, commercial, and institutional clients to conduct agile, secure, and robust transactions via embedded finance and SaaS. Its goal is to provide deep domain experience to ensure flawless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance, and custodial services, working closely with banks.
According to market research, transaction banking has a $1 trillion worldwide market potential and is expected to become a $2 trillion business by 2030.
TransBnk claims to have had a 10X revenue growth, formed agreements with over 25 banks, extended more than 200 APIs, and worked with 100 BFSI clients. The platform claims to have hosted over 5,000 accounts, including escrows, and handled over 50 million transactions.
TransBnk may compete directly or indirectly with other companies such as Razorpay, Cashfree Payments, Decentro, Knight Fintech, Digio, and more.
