TransBnk Solutions Pvt Ltd, which operates an eponymous banking infrastructure platform, has closed its Series B round, pocketing $25 million (Rs 219.5 crore), as it charts international expansion and strengthens its product and technology.
Venture capital firm Bessemer Venture Partners led the round, TransBnk said in a statement. The round saw participation from Arkam Ventures and Fundamentum Partnership. Existing investors 8i Ventures, Accion Venture Labs, GMO Venture Partners also took part in the round, the New Delhi-based company said.
TransBnk said the capital raised will primarily be used for geographical expansion and to build its tech and product talent.
The announcement comes after VCCircle first reported in June that TransBnk was discussing with potential investors to raise as much as $15-20 million and that Bessemer was set to participate in the Series B round. VCCircle reported at the time that the company was looking to raise funds at a post-money valuation of $95-100 million. The company statement didn’t disclose its valuation.
The latest funding comes almost a year after the startup raised $4 million in a Series A round led by early-stage VC firm 8i Ventures and Accion Venture Lab, with contributions from GMO Venture Partners, Ratio Ventures and Force Ventures along with a group of family offices, institutions, and angel investors.
Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Pulak Jain and Sachin Gupta, TransBnk says it is building a common operating system for fintech firms and other institutions to access the banking ecosystem, through its ‘single-window’ offering. The platform allows clients to use software infrastructure from various banks for onboarding, transactions and reconciliations.
TransBnk says more than 40 banks, including major private and public-sector players, foreign banks as well as small finance banks, have integrated its platform. It claims more than 220 clients access almost 1,500 application programming interfaces (APIs) on a monthly basis.
“Our proprietary tech Infra is already powering leading NBFCs, fintech players, banks, corporates and we are now expanding this across BFSI, mid-corporate and SMEs,” said Vaibhav Tambe, CEO and co-founder, TransBnk.
“TransBnk is strategically placed to expand beyond India, with encouraging traction in SEA (Southeast Asia) and Middle East markets, while at the same time focused on consolidating our strength in the domestic market as an emerging leader in banking infrastructure,” he added.
