TransBnk raises $4m in Series-A funding led by 8i Ventures & Accion

By Gloria Mathias

TransBnk, a Transaction Banking Platform, has secured $4 million in a Series A funding round. The round was led by 8i Ventures, the early-stage India-focused VC fund, and co-led by Accion Venture Lab, a global impact investor backing early-stage FinTech startups that expand financial access worldwide.

The round also saw contributions from GMO Venture Partners, Ratio Ventures, and Force Ventures, along with a group of family offices, institutions, and angel investors.

Since the maiden seed round last year, TransBnk has witnessed 10X revenue growth. The company plans to utilize these funds to expand its network of banking partners while also pursuing global expansion plans with a focus on the Middle East and Southeast Asia markets. It aims to leverage the first-mover advantage in these regions and build market share. Further, TransBnk intends to bolster its tech infrastructure and developments to enhance its product stack.

TransBnk provides the rails on which incumbent and new-age BFSI players can build new use cases for various business segments like lending, payments, and onboarding. These rails offer an API-led upgrade to the existing infrastructure for delivering financial services in a scalable, robust and compliant manner.

Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “Transaction Banking has emerged as a transformative force in the banking and technology space. In India, we expect the $200b 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.”

“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 and driving success together,” Vaibhav added.

Vikram Chachra, Founding Partner at 8i Ventures, remarked, “TransBnk is revolutionizing 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.”