Mumbai-based fintech startup TransBnk raises $4 million in funding

Mumbai-based fintech startup TransBnk has raised $4 million or approximately Rs 33.5 crore in a Series A funding round led by existing investor 8i Ventures, an early-stage India-focused venture capital firm. 

Accion Venture Lab, a global impact investor known for supporting fintech startups, also participated.

Other participants in the round included GMO Venture Partners, Ratio Ventures, Force Ventures, and a group of family offices, institutions, and angel investors.

Prior to this round, the startup raised $1 million in June 2023, led by 8i Ventures and other investors.

What does TransBnk do?

Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, TransBnk is a transaction banking platform that enables corporate, commercial, and institutional clients to make agile, secure and robust transactions through embedded finance and software-as-a-service (SaaS). 

The platform provides deep domain expertise to ensure seamless business transactions, covering areas such as domestic cash management, payments, escrows, trade finance, supply chain finance, and custodial services. 

“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," said Vaibhav Tambe, CEO and Co-Founder of TransBnk.

Expansion plans and market focus

With the new funding, TransBnk plans to expand its network of banking partners and pursue global expansion, particularly focusing on the Middle East and Southeast Asia markets.

The startup aims to leverage the first-mover advantage in these regions to build a significant market share.

Additionally, the funding will also help strengthen technology infrastructure, enhance its product stack, and support its plans to disrupt the $200 billion unsecured lending market in India by tapping into cash flows through transaction banking.

TransBnk's market presence

TransBnk claims to have achieved 10X revenue growth and has formed partnerships with over 25 banks and extended more than 200 APIs to support 100 BFSI clients.

The startup also claims to have processed over 50 million transactions and supported over 5,000 accounts, including escrows. 

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."