TransBnk, a fintech startup based in Mumbai, has secured $4 million in the Series A round with 8i Ventures as the leading investor. Another early believer in TransBnk was Vikram Chachra, the founding partner at 8i Ventures who was happy to see a new take on banking. He has the conviction that the company he works for is changing the face of the transaction banking industry in India by filling a technology void while enabling banks to provide enhanced transaction banking solutions.
The Funding Details
The funding round was led by 8i Ventures, an early-stage India-focused venture fund with major investments in the fintech sector. Other participants of the round were Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures as well as a group of family offices, institutions, and angels. The company believes increasing its outreach to banking partners is also important. TransBnk has it locked on the Middle Eastern market as well as the South Eastern Asian market. Furthermore, the fresh capital will be invested in the improvement and expansion of the technological background and offering a broader range of products.
Details about TransBnk
TransBnk was established early this year, 2022. Currently, it supports traditional and emerging market BFSI firms by offering basic support structures. It helps them build new applications throughout multiple business spheres, such as lending, payments, and onboarding. This has happened within a mere 20 months and TransBnk has been linked to over 25 banks to access over 200 APIs. It works with 100 BFSI clients and has assisted with over 5 K accounts including escrows which process over 50 million transactions.
Transaction Banking and Indian Opportunity
TransBnk operates within the transaction banking segment, and this market is very promising. Globally this sector is approximately worth $1 trillion and is expected to reach $2 trillion by 2030. TransBnk has started its operations in India and targets the $200 billion unsecured lending market by using transaction banking to access cash flows. They involve themselves with lendingtech, regtech, and paytech segments of the financial market.
Impact on their Growth Strategy
The latest $4 million Series A funding led by 8i Ventures can be viewed as a major boost to TransBnk’s development plan. Through fresh capital, TransBnk can further step up the process of entering into new partnerships with the banks. These partnerships are essential for the expansion of their services and penetration into the market. Better banking relationships mean that TransBnk can now offer its transaction banking services to an expanded client base, spanning from legacy banking institutions to new-age fintechs.
TransBnk has its focus on the Middle East and the South East Asia region. The funding will help them penetrate these areas. Choosing an international expansion strategy also allows them to generate revenues from different geographical locations. It also successfully locates TransBnk as a significant competitor within the transaction banking market. That is why TransBnk must have strong technological support to be a competitive player in the market. Thus, the funds will be used to improve their Tech Stack, guaranteeing smooth and secure work and the company’s scalability. Their sound technical infrastructure allows them to accommodate more transactions and operate advanced functionalities.
The product stack of TransBnk will get more focus. They can invest in R&D, thereby bringing new features into the product and enhancing the existing ones. Fintech innovations such as lendingtech, regtech, and paytech will strengthen their services, clinching more clients and contributing to growth. The funding supports TransBnk’s business model and strategic positioning. As they gather more customers, they can advance further into the $200 billion unsecured lending niche in India. Building upon this foundation, TransBnk seeks to leverage transaction banking to facilitate access to cash flows and challenge the conventional lending paradigm.
Conclusion
TransBnk’s Series A funding sponsored by 8i Ventures allows TransBnk to move forward with TransBnk’s growth, expansion, and technology development. This funding boost is with TransBnk’s goal of revolutionizing transaction banking. They allow it to grow, diversify, and strengthen its position in the financial services market space.
