TransBnk, the Mumbai based fintech startup, has successfully raised $1 million in seed funding. The round was led by 8i Ventures, the early stage India-focused VC fund known for its notable successes in the fintech space, including M2P, Slice, Easebuzz, amongst others. Other contributors to the round included Growthcap Ventures, Leadway Ventures LLP and Growth Sense, along with a prominent group of family offices, institutions, and angel investors.
TransBnk was born in response to the regulatory shifts that are transforming the landscape of the financial services and real estate sectors. For example, over the last couple of years, the Reserve Bank of India has issued new regulations that have radically overhauled India’s multi-billion dollar transaction banking sector. Traditional banks, encumbered by legacy systems, have been grappling with the challenges of meeting the new regulatory requirements for complex multi-party transactions. Sensing this challenge as an opportunity, TransBnk was conceived by experienced veterans in transaction banking from IndusInd Bank and Aditya Birla Finance. They engineered a highly programmable transaction banking system that empowers any financial ecosystem player to manage multi-party transactions in a compliant manner.
Positioning itself as the go-to solution for banks, NBFCs, and emerging fintech entities navigating complex, multi-party transactions such as digital escrows, TransBnk’s technology platform has already been embraced by major banks and lenders for managing capital flows in co-lending, lease rental discounting, and more.
Vaibhav Tambe, CEO and Co-Founder of TransBnk, shared his thoughts on the venture, stating, “With a cumulative 60+ years of transaction banking experience within our team, 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 fresh infusion of capital will enable TransBnk to bolster its product and technical teams, enhance its tech stack, and expand its product line. The company aims to reshape the management of specialized 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 on the funding, stating, “TransBnk is filling a crucial gap between the technology ‘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. This investment aligns with our commitment to support ventures that redefine the fintech landscape.”