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Banking solutions fintech TransBnk raised $4 million in Series A funding led by early-stage venture capital (VC) fund 8i Ventures.
The round was co-led by Accion Venture Lab, a global impact investor backing early-stage fintech startups, along with participation from GMO Venture Partners, Ratio Ventures, Force Ventures, and a group of family offices, institutions, and angel investors.
The company plans to use the recently raised funds for the expansion of banking partners’ networks. It plans to expand into the Middle Eastern and Southeast Asian markets.
It also plans to strengthen its tech infrastructure and developments to improve its product stack.
“In India, we expect the $200 billion unsecured lending market to be disrupted with transaction banking tapping cash flows. This presents a significant opportunity for us, considering our domain expertise in banking and technology across various segments like lendingtech, regtech, and paytech,” said Vaibhav Tambe, chief executive officer (CEO) and co-founder, TransBnk.
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At present, the company works with 100 clients in the banking, financial services, and insurance (BFSI) sector.
It has partnered with 25 banks, extending more than 250 application programming interfaces (APIs).
The platform has supported over 5,000 accounts, including escrows, and processed more than 50 million transactions.
“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. This investment perfectly aligns with our strategy of supporting ground-breaking fintech ventures,” said Vikram Chachra, founding partner, 8i Ventures.
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