TransBnk Lands $4 Million in Funding from 8i Ventures to Accelerate Global Expansion

Mumbai-based fintech startup TransBnk has successfully raised $4 million (approximately ₹34 crore) in its latest funding round, marking a significant milestone for the company. The round, spearheaded by 8i Ventures—known for its investments in fintech giants like M2P, Slice, and Eazebuzz—also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and a host of angel investors and family offices.

Major Funding Boost for TransBnk

This funding round is a substantial leap for TransBnk, following their previous $1 million raise in June 2023. The company’s valuation has surged to about $15 million, reflecting a remarkable threefold increase from its last valuation, according to CEO Vaibhav Tambe. This fresh infusion of capital will be strategically utilized to expand TransBnk's network of banking partners and drive its global expansion, particularly focusing on West Asian and Southeast Asian markets.

Expanding Horizons and Strengthening Infrastructure

TransBnk plans to leverage the new funds to enhance its technology infrastructure and diversify its product offerings. The company's goal is to tap into the burgeoning $200 billion unsecured lending market in India, disrupting traditional transaction banking with innovative solutions. Tambe notes, “Transaction banking is set to transform the banking and technology space. Our expertise in banking technology across segments like lending tech, reg tech, and pay tech positions us uniquely to capitalize on this opportunity.”

Founded in 2022 by Vaibhav Tambe, a former senior executive at IndusInd Bank, TransBnk offers a comprehensive transaction banking platform designed to provide banks, non-banking financial companies (NBFCs), and fintech firms with the tools needed to create use cases across lending, payments, and onboarding. The platform's application programming interface (API)-led upgrades enable scalable financial services delivery.

Remarkable Growth and Future Prospects

Since its inception, TransBnk has established partnerships with around 25 banks and 100 NBFCs and fintech firms. The company boasts impressive metrics, having supported approximately 5,000 accounts, including escrows, and processed around 50 million transactions to date. Following last year’s seed round, TransBnk has experienced nearly tenfold revenue growth. The company currently reports an annual recurring revenue of $1.2-$1.3 million, with expectations to increase this figure three to four times in the next six months.

Vikram Chachra, founding partner of 8i Ventures, emphasizes TransBnk’s impact on the financial sector, stating, “TransBnk is revolutionizing India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services and bridging the technology gap. Their innovative approach is set to reshape the financial landscape.”

As TransBnk continues to forge ahead with its expansion plans and technological advancements, it is well-positioned to make a significant impact on the global fintech scene.