TransBnk, a prominent transaction banking platform, has successfully raised $4 million in a Series A funding round. The round was spearheaded by 8i Ventures, an early-stage venture capital fund focused on India, and co-led by Accion Venture Lab, a global impact investor specializing in early-stage FinTech startups that enhance financial access worldwide. Additional support came from GMO Venture Partners, Ratio Ventures, Force Ventures, and a consortium of family offices, institutions, and angel investors.
Since its initial seed round last year, TransBnk has experienced remarkable growth, with revenue surging tenfold. The newly acquired funds will be instrumental in expanding the company’s network of banking partners and advancing its global expansion efforts, particularly targeting the Middle East and Southeast Asia. By focusing on these regions, TransBnk aims to capitalize on first-mover advantages and build substantial market share. The company also plans to strengthen its technological infrastructure to enhance its product offerings.
TransBnk’s platform provides essential infrastructure for both established and emerging BFSI (Banking, Financial Services, and Insurance) players, facilitating new use cases in lending, payments, and onboarding. The platform offers an API-led upgrade to existing financial services infrastructure, ensuring scalability, robustness, and compliance.
Vaibhav Tambe, CEO and Co-Founder of TransBnk, expressed enthusiasm about the funding, stating, “Transaction Banking has become a transformative force in the banking and technology sectors. In India, we anticipate significant disruption in the $200 billion unsecured lending market as Transaction Banking taps into cash flows. This presents a substantial opportunity for us, given our expertise across Banking & Technology, including Lendingtech, Regtech, and Paytech.”
Tambe further emphasized, “We are thrilled with this funding round, which highlights investors' confidence in our vision, team, and competitive capabilities. With support from 8i Ventures, Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and our experienced team of former bankers and NBFC officials, we are poised to strengthen our partnerships and drive continued success”.
Vikram Chachra, Founding Partner at 8i Ventures, praised TransBnk’s innovative approach, noting, “TransBnk is revolutionizing India’s trillion-dollar transaction banking sector by enabling banks to provide advanced transaction services and bridging the technology gap. This investment aligns perfectly with our strategy to support groundbreaking fintech ventures”.