TransBnk, a fintech startup, raised $4 million (around Rs 34 crore) in a funding round led by 8i Ventures. This venture firm has previously supported fintech companies like M2P, Slice, and Eazebuzz.
This funding marks the first significant institutional investment for the Mumbai-based company since it secured $1 million in June 2023.
Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and several family offices and angel investors participated in this round.
CEO Vaibhav Tambe shared that TransBnk’s valuation after this investment reached about $15 million, tripling from its last funding round.
The new funds will help TransBnk expand its network of banking partners and push its global expansion, particularly in West Asia and Southeast Asia. Additionally, the company aims to strengthen its technology infrastructure and improve its product offerings.
“Transaction banking has emerged as a transformative force in the banking and technology space. In India, we expect the $200 billion 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 lending tech, reg tech and pay tech,” said Tambe.
Founded in 2022 by Vaibhav Tambe, a former senior executive at IndusInd Bank, TransBnk offers a transaction banking platform. This platform provides the infrastructure banks, non-banking financial companies (NBFCs), and fintech firms need to develop use cases for lending, payments, and onboarding.
TransBnk empowers its clients to deliver scalable financial services by leveraging API-led upgrades.
Since its launch, TransBnk has partnered with around 25 banks, 100 NBFCs, and fintech companies. The startup claims to have supported approximately 5,000 accounts, including escrows, and processed about 50 million transactions.
Since its seed round last year, TransBnk has experienced nearly tenfold revenue growth, according to Tambe. The company’s annual recurring revenue currently stands at $1.2-$1.3 million, and they expect it to increase three to four times in the next six months.
“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,” said Vikram Chachra, founding partner, 8i Ventures.
