Mumbai-based startup TransBnk has successfully raised $25 million in its Series B funding round, signaling a significant push toward transforming the corporate banking landscape in India. TransBnk was founded in 2022 by Vaibhav Tambe, Lavin Kotian, Pulak Jain, and Sachin Gupta. Their goal is to make that transition from legacy financial services to future fintech as seamless and efficient as possible.
TransBnk serves as a “shared operating system,” giving companies an all-in-one platform to tap into the banking ecosystem. And every month, the comparatively small startup handles more than 110 million transactions. It smartly consolidates redundant 11,000 bank accounts and uses over 1,500 application programming interfaces (APIs). TransBnk has increased its valuation seven times since its last round. This tremendous growth further exemplifies its extraordinary potential in the fiercely competitive fintech space.
As of February, TransBnk was already profitable after taxes, with gross margins this healthy—80%. In that same time frame, the company has pioneered its way to incredible financial success. The last year has seen its growth explode by over 12x, passing an ARR run-rate of a staggering $12m.
With TransBnk having over 220 active customers, and around 80% of them merchants or clients like lenders, fintechs and non-bank financial companies (NBFCs). The other 20% of its customers are banks that white labeled TransBnk’s software to improve their own corporate banking offerings.
The startup has raised money to work with 60 banks, 40 of which are presently integrated onto its platform. That’s because this new integration makes it easier to process every type of transaction and payment and ensures core functionality reconciliation is simpler. According to Vaibhav Tambe, co-founder and CEO of TransBnk,
“During our banking days, we always got a lot of customers asking us for a single, consolidated platform for transaction banking or corporate banking on a single particular stack.”
Just last week, TransBnk completed a strategic funding round of $4 million, including investment from secondary investors. Key investors such as Fundamentum, Arkam Ventures, 8i Ventures, Accion and Japan’s GMO Venture Partners rallied behind this effort. Looking forward, TransBnk is looking to broaden its environmental impact into additional sectors such as real estate, pharmaceuticals, and renewable energy.
“And we thought, let’s take up this challenge… The idea was that can we consolidate and integrate with multiple banks and then create a single platform, be it in the form factors, like the web interface or mobile app, or maybe SDKs, or API?”
The company is now looking to take its operations outside of India. It means opening itself to new, burgeoning markets such as Southeast Asia and the Middle East. India’s B2B fintech industry alone is expected to reach a $20 billion market size by 2030. TransBnk is positioned to capitalize on this amazing growth opportunity.
Moreover, the company intends to extend its operations beyond India into emerging markets such as Southeast Asia and the Middle East. As India’s B2B fintech industry is projected to reach a market size of $20 billion by 2030, TransBnk is strategically positioned to capitalize on this growth.
