8i Ventures led $4 M Series A funding raised by fintech startup TransBnk

8i Ventures is leading a $4 million Series A funding round for TransBnk, a fintech startup based in Mumbai. Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and a number of family offices, organizations, and angel investors were also involved in the round.

In June 2023, the fintech startup based in Mumbai raised $1 million in seed funding, with 8i Ventures serving as the lead investor.

TransBnk announced in a press release that the funds will be used to improve its product stack, fortify its tech infrastructure, broaden its network of banking partners, and enter the Middle East and South East Asia markets.

TransBnk is a transaction banking platform that enables corporate, commercial, and institutional clients to make quick, safe, and reliable transactions using embedded finance and SaaS. It was co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain. In close cooperation with banks, it seeks to offer deep domain knowledge to guarantee smooth business transactions for escrows, trade finance, supply chain finance, domestic cash management and payments, and custodial services.

Based on market research, the transaction banking industry is expected to reach a $2 trillion valuation by 2030, with a $1 trillion global market potential.

TransBnk says it has worked with 100 BFSI clients, formed partnerships with over 25 banks, extended more than 200 APIs, and seen a 10X increase in revenue. The platform states that it has handled more than 50 million transactions and supported more than 5,000 accounts, including escrow accounts.

Companies like Razorpay, Cashfree Payments, Decentro, Knight Fintech, Digio, and others may be direct or indirect competitors of TransBnk.