Bessemer Venture Partners led the $25 million Series B Fundraise for banking infrastructure platform TransBnk, which also included Arkam Ventures, Fundamentum Partnership, 8i Ventures, Accion Venture Labs, and GMO Venture Partners.
The main goals of the funding are to support tech and product talent and expand geographically.
Key Highlights
- TransBnk raises $25 million in Series B led by Bessemer, joined by Arkam Ventures and Fundamentum.
- Funds will fuel expansion in Southeast Asia and the Middle East, while bolstering India’s banking infra.
TransBnk, which was co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, offers transaction banking infrastructure to businesses and banks. Businesses benefit from its API-led solutions for cash flow automation, reconciliation, and escrow management. By partnering with banks to provide escrow-as-a-service, the company helps fintechs, lenders, and startups onboard more quickly.
In August 2024, 8i Ventures led the company's $4 million Series A round, in which Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and others participated. It had previously obtained a seed round in June 2023.
TransBnk has been supporting use-cases in lending, wealth-tech, and cross-border payments since its inception by collaborating with numerous banks and NBFCs.
According to the company, it has integrated with over 40 banks, including major players in the public and private sectors, multinational corporations, and small finance banks. Every month, over 220 clients use it to access almost 1,500 APIs.
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Co-founders Vaibhav Tambe, Sachin Gupta, and Pulak Jain collectively owned more than 36% of TransBnk as of the most recent funding round, with 8i Ventures holding the largest external stake at 21.6%. The ESOP pool makes up around 10% of the total, according to startup data intelligence platform TheKredible. Smaller stakes are held by Accion Venture, GMO Venture Partners, Ratio Venture, and a few other companies.
TransBnk reported revenue of Rs 2.68 crore and a loss of Rs 1.25 crore for the fiscal year that concluded in March 2024. The business has not yet submitted its FY25 annual report.
