Fintech startup TransBnk raises $4 million Series A funding led by 8i Ventures

TransBnk, a Mumbai-based transaction banking platform which was started in 2022, has raised $4 million of funding in its Series A round of funding, according to a statement.

The fresh round was led by 8i Ventures, the early-stage India-focused VC fund known for investments in the fintech space. It was also co-led by Accion Venture Lab, a global impact investor backing early-stage fintech startups. The Series A round also saw contributions from GMO Venture Partners, Ratio Ventures, Force Ventures along with a prominent group of family offices, institutions, and angel investors.  

TransBnk plans to utilise 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. 

Commenting on the investment, Vikram Chachra, founding partner at 8i Ventures, remarked, “TransBnk is revolutionising 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.” 

Commenting on the investment, Rahil Rangwala, managing partner at Accion Venture Lab, commented, “Complex multi-party transactions can create bottlenecks for micro and small entrepreneurs who are often left out of, or poorly served by, the financial system and lack sufficient access to supply chain and marketplace solutions needed for growth. With strong revenue growth, TransBnk has proven that its transaction banking model can make these transactions easier, increasing access. The company is in an excellent position to expand its model internationally with this raise, enabling it to reach more underserved entrepreneurs.”

TransBnk enables corporates, commercial & institutional clients to make agile and secure transactions with embedded finance & SaaS. The company claims to have partnership with 25 Banks, extending more than 200 APIs, while working with 100 BFSI clients. The platform has supported over 5,000 accounts including escrows and processed more than 50 million transactions. 

Vaibhav Tambe, CEO and co-founder of TransBnk said, "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. this presents a significant opportunity to us, considering our domain expertise in Banking & Technology across various segments like Lendingtech, Regtech, and Paytech.” He added “We are elated with this fund-raise, which underscores investors’ confidence in our vision, team, and ability to operate in a competitive environment. With the support of 8i Ventures, Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and our robust team of senior ex-bankers and NBFC officials, we will continue building stronger partnerships, driving success together"