Mumbai: TransBnk, the fintech startup, has just bagged a massive $4 million in Series A funding. This cash injection is a major win for the Mumbai-based company, and it’s all thanks to a group of savvy investors. Leading the charge is 8i Ventures, a venture capital firm with a knack for spotting the next big thing in fintech. Accion Venture Lab, a global impact investor, also jumped on board, showing their faith in TransBnk’s mission to make financial services more accessible and efficient.
So, what’s TransBnk up to with all this newfound cash? Well, for starters, they’re looking to expand their operations beyond India. The Middle East and Southeast Asia are in their sights, and it looks like they’re ready to make a splash.
TransBnk has been on a roll lately, with their revenue skyrocketing by a whopping 10X since their seed round last year. It’s clear that their approach to transaction banking is resonating with customers and investors alike.
Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “Transaction Banking has emerged as a transformative force in the banking and technology space, holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030. In India, we expect the $200 Bn unsecured lending market to be disrupted with Transaction Banking tapping cash flows. This presents a significant opportunity to us, considering our domain expertise in Banking & Technology across various segments like Lendingtech, Regtech, and Paytech.”
“We are elated with this fund-raise, which underscores investors’ confidence in our vision, team, and ability to operate in a competitive environment. With the support of 8i Ventures, Accion Venture Lab, GMO Venture Partners, Ratio Ventures and our robust team of senior ex bankers and NBFC officials, we will continue building stronger partnerships, driving success together”, Vaibhav added.