Mumbai's fintech startup TransBnk raises $1M in a seed round led by 8i Ventuers, others

Mumbai-based fintech startup TransBnk has raised $1 million in seed funding led by 8i Ventures, the early stage India-focused VC fund known for its notable successes in the fintech space, including M2P, Slice, Easebuzz, amongst others.

The round also witnessed participation from Growthcap Ventures, Leadway Ventures LLP and Growth Sense, along with a prominent group of family offices, institutions, and angel investors.

The startup plans to use the raised funding to bolster its product and technical teams, enhance its tech stack, and expand its product line.

TransBnk was born in response to the regulatory shifts that are transforming the landscape of the financial services and real estate sectors. For example, over the last couple of years, the Reserve Bank of India has issued new regulations that have radically overhauled India’s multi-billion dollar transaction banking sector, the startup said in a statemnet.

The startup also said it has developed a highly adaptable transaction banking system that enables any participant in the financial ecosystem to handle multi-party transactions while staying compliant.

It approaches challenges faced by traditional banks, paving the way for a more efficient and compliant handling of multi-party transactions in the financial sector.

Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “With a cumulative 60+ years of transaction banking experience within our team, we were driven to disrupt the status quo. TransBnk’s innovative tech stack is gaining traction as the gold standard for frictionless B2B transactions, strengthening our partnerships with key players in the private banking, NBFC, and fintech sectors. With the support of 8i Ventures and our robust team of angel investors, we are thrilled to accelerate our vision.”

The company aims to reshape the management of specialized accounts and B2B payments, which are the foundation of lending ecosystems, capital markets, supply chain finance, and treasury management. It also aims for 2.5 to 3 times growth in the number of clients and partner banks by March 2024.

Vikram Chachra, Founding Partner at 8i Ventures, commented on the funding, stating, “TransBnk is filling a crucial gap between the technology ‘haves’ and ‘have-nots’ in India’s trillion-dollar transaction banking landscape. By providing a disruptive solution to the financial ecosystem, they are strategically positioned to bring about a seismic shift in transaction banking. This investment aligns with our commitment to support ventures that redefine the fintech landscape.”

TransBnk claims to have established with over 10 leading private banks and serving more than 50 corporate, institutional & fintech clients.

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