The transaction banking platform TransBnk, situated in Mumbai, India, has secured $4 million in Series A funding.
Leading the round were 8i Ventures and Accion Venture Lab, with a number of family offices, institutions, and angel investors joining in as well as GMO Venture Partners, Ratio Ventures, and Force Ventures.
The company wants to utilize the money to pursue plans for global expansion, with a particular emphasis on the Middle East and South East Asian regions, as well as to broaden its network of financial partners.
Under the direction of CEO Vaibhav Tambe, TransBnk uses embedded finance and SaaS to facilitate transactions that are safe, quick, and easy for corporate, commercial, and institutional clients.
The company has worked with 100 BFSI clients and established connections with over 25 banks, extending over 200 APIs in just 20 months. Over 5000 accounts, including escrows, have been supported by the platform, which has also handled over 50 million transactions.
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Because of this, TransBnk is now the go-to option for NBFCs, banks, microfinance institutions, and fintech companies managing intricate transactions including supply chain financing, co-lending, Treasury Management, and use cases involving cash flow-based lending.
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Since its launch in 2022, the solution has handled more than 50 million transactions and supported more than 5000 accounts, including escrow accounts.
Speaking on the latest round of funding, Vaibhav Tambe, CEO and Co-Founder of TransBnk, said transaction banking has emerged as a transformative force in the banking and technology space, holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030.
About TransBnk
‘TransBnk‘ is a Transaction Banking Platform for Corporate, Commercial, and Institutional users to make agile, safe, and robust Embedded Finance and SaaS transactions.
