Mumbai-based fintech startup TransBnk has successfully raised $4 million in a Series A funding round led by 8i Ventures. The funding round also saw significant participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and a consortium of family offices, institutions, and angel investors.
This latest capital infusion follows the $1 million seed funding round led by 8i Ventures in June 2023, underscoring investor confidence in TransBnk’s growth trajectory.
The fresh funds will be strategically utilized to expand TransBnk’s network of banking partners, enter new markets in the Middle East and Southeast Asia, enhance its technological infrastructure, and broaden its product offerings, according to a company press release.
TransBnk, co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, operates as a transaction banking platform designed to enable corporate, commercial, and institutional clients to conduct agile, secure, and robust transactions through embedded finance and SaaS solutions. The platform specializes in providing deep domain expertise for seamless business transactions across domestic cash management, payments, escrows, trade finance, supply chain finance, and custodial services, in close collaboration with banking partners.
Market research indicates that the global transaction banking sector holds a market potential of $1 trillion, with projections to reach $2 trillion by 2030.
TransBnk claims to have achieved a remarkable 10X growth in revenue, forming partnerships with over 25 banks and extending more than 200 APIs while serving 100 BFSI (Banking, Financial Services, and Insurance) clients. The platform has reportedly supported over 5,000 accounts, including escrows, and processed more than 50 million transactions to date.
As it continues to scale, TransBnk may face competition from established players in the fintech space, such as Razorpay, Cashfree Payments, Decentro, Knight Fintech, and Digio, among others.
