TransBnk, a fintech startup based in Mumbai, has successfully secured $4 million (approximately Rs 34 crore) in a funding round led by 8i Ventures, a prominent investor in the fintech space. This marks the company’s first major institutional funding since raising $1 million in June 2023. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, along with several family offices and angel investors.
With this latest infusion of capital, TransBnk’s post-investment valuation has surged to $15 million, tripling its value from the previous round. CEO Vaibhav Tambe highlighted that the fresh funds will be used to expand the company’s network of banking partners and drive its global expansion, with a particular focus on West Asian and Southeast Asian markets. Additionally, the company plans to strengthen its technology infrastructure and enhance its suite of product offerings.
The company has established partnerships with approximately 25 banks and 100 NBFCs and fintech firms since its inception. TransBnk has supported around 5,000 accounts, including escrows, and has processed close to 50 million transactions to date. Following its seed round last year, the startup has experienced nearly tenfold revenue growth, currently boasting an annual recurring revenue of $1.2-$1.3 million. The company anticipates this figure will increase three to four times in the next six months.
According to Tambe, the transaction banking sector in India, particularly within the $200 billion unsecured lending market, is poised for significant disruption. TransBnk’s deep expertise in banking technology, encompassing lending tech, regulatory tech, and payment tech, positions it to capitalize on this opportunity.
8i Ventures’ founding partner, Vikram Chachra, praised TransBnk’s innovative approach, noting that the company is reshaping India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services and bridging the existing technology gap. This forward-thinking strategy is expected to have a transformative impact on the financial landscape.