TransBnk, a Mumbai-based fintech startup, has raised $4 million in a Series A funding round. The round saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and a group of family offices, institutions, and angel investors. The funds will be used to expand TransBnk’s network of banking partners, venture into the Middle East and Southeast Asia markets, bolster its tech infrastructure, and enhance its product stack.
TransBnk was co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain. The platform enables corporate, commercial, and institutional clients to conduct agile, secure, and robust transactions with embedded finance and SaaS. It aims to provide deep domain expertise to ensure seamless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance, and custodial services in collaboration with banks.
Transaction banking holds a potential $1 trillion global market, projected to reach $2 trillion by 2030. TransBnk claims to have witnessed a 10X revenue growth, forged partnerships with over 25 banks, extended more than 200 APIs, and worked with 100 BFSI clients. The platform also claims that it has supported over 5,000 accounts, including escrows, and processed more than 50 million transactions.
TransBnk secures major funding boost
TransBnk may face competition from other companies like Razorpay, Cashfree Payments, Decentro, Knight Fintech, and Digio. Vaibhav Tambe, co-founder and CEO of TransBnk, emphasized the company’s commitment to establishing long-term partnerships with banks and financial institutions.
“We provide banks, NBFCs, and fintech firms with tech and infrastructure rails. On one hand, we have partnered with 25 to 26 banks, and on the other hand, we are providing these services to large NBFCs, fintechs, and some mutual funds, predominantly for payments, lending, or supply chain finance use cases,” Tambe stated. He further added that the company’s goal is to ensure the longevity and effectiveness of its partnerships as it continues to expand across different geographies.
TransBnk’s growth and funding come at a time when India’s digital banking sector is receiving significant attention from the government. In the Union Budget for 2024, Finance Minister Nirmala Sitharaman announced the establishment of more than 100 branches of India Post Payments Bank (IPBB) in Northeast India and allocated INR 1,441 Cr to bolster digital payments. The global business-as-a-service (BaaS) market, in which TransBnk operates, is also on a growth trajectory.
According to data from Inc42, the BaaS market is expected to grow from $4.4 billion in 2023 to $11.6 billion by 2028, with a compound annual growth rate (CAGR) of 26.60%.
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