Business

TransBnk secures $4M in Series A led by 8i Ventures, Accion

Aug 21, 2024 1 min read

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Mumbai-based fintech startup TransBnk has raised $4 million in a Series A funding round led by 8i Ventures, with participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and other investors. The funds will be used to expand the company's network of banking partners, enhance its technology infrastructure, and pursue global expansion plans, particularly focusing on the Middle East and Southeast Asia markets.

Founded in 2022 by Vaibhav Tambe, TransBnk offers a transaction banking platform that supports corporate, commercial, and institutional clients. The platform has experienced significant growth, achieving a 10X increase in revenue since its initial seed round last year. The company aims to facilitate seamless inter-party transactions and enhance current account saving account (CASA) deposits by connecting banks with entities that maintain large current account or escrow balances.

The recent funding underscores the growing interest in transaction banking as a transformative force in the banking and technology sectors, with a projected market potential of $2 trillion by 2030.

#tech #venture-capital #fintech #series-a #startups #entrepreneur

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