Banking infrastructure startup TransBnk has raised $25 million in a funding round led by Bessemer Venture Partners, with participation from Arkam Ventures and Fundamentum Partnership.
The investment was made from Bessemer’s second India-focussed fund, which has a corpus of $350 million and was launched earlier this year. Existing backers 8i Ventures, Accion Venture Labs and GMO Venture Partners also participated.
Founded in 2022 by Vaibhav Tambe, a former senior executive at IndusInd Bank, along with Lavin Kotian, Pulak Jain and Sachin Gupta, TransBnk is a banking infrastructure startup that provides a single-window platform for fintechs, corporates, non-banking finance companies and other institutions to connect with multiple banks. Its API-driven system enables onboarding with banks, transactions and reconciliations across banking relationships.
The Mumbai-based firm plans to use the funds to expand into markets like Southeast Asia and the Middle East, while also strengthening its technology and product teams. TransBnk has integrated with over 40 banks so far and has more than 220 clients using nearly 1,500 APIs every month.
“Predominantly, the plan with this round is to expand internationally, build strong tech and product talent, and cover the net worth wherever we are becoming the tech service provider for banks. These are very large transaction banking mandates that typically require certain net worth criteria, which of course is now not a problem for us from a growth perspective,” Tambe told ET.
TransBnk said it aims to capitalise on banks’ shift from legacy, capex-heavy technology stacks to modular, opex-led alternatives, beginning with payment and lending rails.
Prior to this, TransBnk had raised $4 million in a round led by 8i Ventures last year.
"Corporate banking has lagged behind their retail counterparts, where over the past 10 years innovation in this space has allowed users to enjoy frictionless, mobile-first banking journeys. We are confident that TransBnk will bring the same transformative spirit and user delight to the corporate and transaction banking ecosystem,” said Vishal Gupta, partner at Bessemer Venture Partners.
The investment was made from Bessemer’s second India-focussed fund, which has a corpus of $350 million and was launched earlier this year. Existing backers 8i Ventures, Accion Venture Labs and GMO Venture Partners also participated.
Founded in 2022 by Vaibhav Tambe, a former senior executive at IndusInd Bank, along with Lavin Kotian, Pulak Jain and Sachin Gupta, TransBnk is a banking infrastructure startup that provides a single-window platform for fintechs, corporates, non-banking finance companies and other institutions to connect with multiple banks. Its API-driven system enables onboarding with banks, transactions and reconciliations across banking relationships.
The Mumbai-based firm plans to use the funds to expand into markets like Southeast Asia and the Middle East, while also strengthening its technology and product teams. TransBnk has integrated with over 40 banks so far and has more than 220 clients using nearly 1,500 APIs every month.
“Predominantly, the plan with this round is to expand internationally, build strong tech and product talent, and cover the net worth wherever we are becoming the tech service provider for banks. These are very large transaction banking mandates that typically require certain net worth criteria, which of course is now not a problem for us from a growth perspective,” Tambe told ET.
TransBnk said it aims to capitalise on banks’ shift from legacy, capex-heavy technology stacks to modular, opex-led alternatives, beginning with payment and lending rails.
Prior to this, TransBnk had raised $4 million in a round led by 8i Ventures last year.
"Corporate banking has lagged behind their retail counterparts, where over the past 10 years innovation in this space has allowed users to enjoy frictionless, mobile-first banking journeys. We are confident that TransBnk will bring the same transformative spirit and user delight to the corporate and transaction banking ecosystem,” said Vishal Gupta, partner at Bessemer Venture Partners.