Mumbai-based fintech startup, TransBnk, has successfully raised $1 million in seed funding. The funding round was led by 8i Ventures, a prominent early-stage venture capital fund known for its successful investments in the fintech sector, including M2P, Slice, and Easebuzz. Other contributors to the funding round include Growthcap Ventures, Leadway Ventures LLP, Growth Sense, as well as a group of esteemed family offices, institutions, and angel investors.
TransBnk was established in response to regulatory changes that have reshaped India’s financial services and real estate sectors. The Reserve Bank of India, in particular, has introduced new regulations that have significantly transformed the transaction banking industry in the country. Traditional banks, constrained by legacy systems, have faced challenges in meeting the requirements for complex multi-party transactions under the new regulations. Recognizing this as an opportunity, TransBnk was founded by experienced professionals from IndusInd Bank and Aditya Birla Finance, who developed a highly adaptable transaction banking system. This system empowers financial ecosystem participants, including banks, NBFCs, and emerging fintech entities, to manage compliant multi-party transactions effectively.
Positioning itself as the preferred solution for banks and financial institutions navigating complex transactions involving multiple parties, TransBnk’s technology platform has already been embraced by major banks and lenders for managing capital flows in co-lending, lease rental discounting, and various other transactions.
Vaibhav Tambe, CEO and Co-Founder of TransBnk, shared his thoughts on the venture, stating, “With a cumulative 60+ years of transaction banking experience within our team, we were driven to disrupt the status quo. TransBnk’s innovative tech stack is gaining traction as the gold standard for frictionless B2B transactions, strengthening our partnerships with key players in the private banking, NBFC, and fintech sectors. With the support of 8i Ventures and our robust team of angel investors, we are thrilled to accelerate our vision.”
The fresh infusion of capital will enable TransBnk to bolster its product and technical teams, enhance its tech stack, and expand its product line. The company aims to reshape the management of specialized accounts and B2B payments, which are the foundation of lending ecosystems, capital markets, supply chain finance, and treasury management.
Vikram Chachra, Founding Partner at 8i Ventures, commented on the funding, stating, “TransBnk is filling a crucial gap between the technology ‘haves’ and ‘have-nots’ in India’s trillion-dollar transaction banking landscape. By providing a disruptive solution to the financial ecosystem, they are strategically positioned to bring about a seismic shift in transaction banking. This investment aligns with our commitment to support ventures that redefine the fintech landscape.”
Since its inception in April 2022, TransBnk has made remarkable progress. With partnerships established with over 10 leading private banks and serving more than 50 corporate, institutional & fintech clients, the company is already gaining significant traction in the industry. With the seed funding acting as a catalyst for its journey, TransBnk aims for 2.5 to 3 times growth in the number of clients and partner banks by March 2024.