TransBnk, a startup that provides banking infrastructure, has raised $25 million in its Series B funding. Bessemer Venture Partners led the round.
The money came from Bessemer’s second India-focused fund, which has $350 million available for investments.
Other investors in the funding round included Arkam Ventures, Fundamentum Partnership, and existing investors like 8i Ventures, Accion Venture Labs, and GMO Venture Partners.
TransBnk will use the new money to grow its business in Southeast Asia and the Middle East, and to strengthen its operations in India.
“Predominantly, the plan with this round is to expand internationally, build strong tech and product talent, and cover the net worth wherever we are becoming the tech service provider for banks. These are very large transaction banking mandates that typically require certain net worth criteria, which, of course, is now not a problem for us from a growth perspective,” said Vaibhav Tambe, cofounder of TransBnk.
“Corporate banking has lagged behind its retail counterparts, where over the past 10 years innovation in this space has allowed users to enjoy frictionless, mobile-first banking journeys. We are confident that TransBnk will bring the same transformative spirit and user delight to the corporate and transaction banking ecosystem,” said Vishal Gupta, partner at Bessemer Venture Partners.
TransBnk was founded in 2022 by Vaibhav Tambe, Lavin Kotian, Pulak Jain, and Sachin Gupta. The startup is based in Mumbai.
It provides an API-based platform that connects corporates, fintechs, and lenders to multiple banks through a single system, making transactions and reconciliations easier without using multiple portals or doing manual work.
In just two years, TransBnk says it has earned “tens of millions of dollars” in revenue, though it hasn’t revealed the exact amount.
Right now, the startup works with over 40 banks and serves more than 220 clients. Expanding into Southeast Asia and the Middle East will mean competing with other Indian API banking startups already operating there.
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