TransBnk, a Mumbai-based fintech start-up, has raised $1 million in seed funding. The round was led by 8i Ventures, the early-stage India-focused VC fund, including M2P, Slice, and Easebuzz, amongst others.
Other participants of the round included Growthcap Ventures, Leadway Ventures LLP, and Growth Sense, along with family offices, institutions, and angel investors.
Disrupting the status quo
Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “With a cumulative over 60 years of transaction banking experience, 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 company aims to reshape the management of specialised 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, “TransBnk is filling a crucial gap between ‘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.”
Strengthening partnerships
With partnerships established with over 10 leading private banks and serving more than 50 corporate, institutional & fintech clients, TransBnk, with the seed funding acting as a catalyst for its journey, aims for 2.5 to 3 times growth in the number of clients and partner banks by March 2024.