TransBnk, a fintech startup in transaction banking, has successfully raised $4 million in its Series A funding round.
The funding was led by 8i Ventures and saw participation from prominent investors including Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures, as well as a consortium of family offices, institutions, and angel investors.
This new influx of capital follows TransBnk’s $1 million seed funding round in June 2023, which was also spearheaded by 8i Ventures.
The latest round of funding will be utilized to expand the startup’s network of banking partners, enter the Middle Eastern and Southeast Asian markets, enhance its technological infrastructure, and further develop its product offerings.
Co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, TransBnk is a transaction banking platform designed to facilitate agile, secure, and robust financial transactions for corporate, commercial, and institutional clients.
The platform integrates embedded finance and SaaS solutions to streamline business transactions, including domestic cash management, payments, escrows, trade finance, supply chain finance, and custodial services, in close collaboration with banks.
The global transaction banking sector is estimated to hold a $1 trillion market potential and is expected to grow to $2 trillion by 2030.
TransBnk has reported impressive growth metrics, including a tenfold increase in revenue, partnerships with over 25 banks, and the integration of more than 200 APIs.
The platform currently supports over 5,000 accounts, including escrows, and has processed more than 50 million transactions.
TransBnk competes in a dynamic landscape with other fintech companies such as Razorpay, Cashfree Payments, Decentro, Knight Fintech, and Digio, among others.
