TransBnk, a fintech startup based in Mumbai, has raised $1 million in seed funding under the direction of 8i Ventures. Growthcap Ventures, Leadway Ventures LLP, and Growth sense all participated in the round.
According to a press release from TransBnk, the company intends to use the funds to strengthen its product and technical teams, improve its tech stack, and broaden its product line.
TransBnk is a transaction banking platform that enables corporate, commercial, and institutional clients to carry out swift, secure, and reliable transactions with embedded finance and SaaS. It was jointly founded in 2022 by Sachin Gupta, Vaibhav Tambe, Lavin Kotian, and Pulak Jain. In close cooperation with banks, it seeks to offer profound domain expertise to ensure smooth business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance, and custodial services.
TransBnk claims that major banks and lenders have already acknowledged the value of its technology platform for managing capital flows in co-lending, lease rental discounting, and other areas.
According to TransBnk, it works with over ten of the top private banks and has more than 50 corporate, institutional, and fintech clients. By March 2024, the company wants to have doubled or tripled its client and partner bank base.
