India-based transaction banking platform TransBnk has announced that it secured USD 4 million in a Series A funding round. Led by 8i Ventures and Accion Venture Lab, TransBnk’s funding round also saw participation from GMO Venture Partners, Ratio Ventures, and Force Ventures, together with family offices, institutions, and angel investors.

With the newly acquired funds, the company intends to expand its banking partner network and extend its operations globally, focusing on the Middle East and Southeast Asia. Through its solutions, TransBnk works towards allowing corporates and commercial and institutional clients to conduct convenient and secure transactions with Embedded Finance and Software-as-a-Service (SaaS). Since 2022, the firm teamed up with more than 25 banks, extended nearly 200 APIs, and worked with 100 BFSI clients.

In addition, TransBnk’s platform supported over 5000 accounts, including escrows, and processed more than 50 million transactions, according to its data. The firm’s solutions are utilised by NBFCs, microfinance institutions, banks, and fintech companies to manage several types of transactions, including treasury management, co-lending, supply chain finance, and cash flow-based lending. TransBnk’s capabilities and development strategy By being committed to supporting, digitising, and optimising transaction banking, TransBnk intends to provide platform solutions that advance the banking ecosystem.

The company’s suite of services includes digital lending, supply chain solutions, marketplace solutions, capital market products, and custodial facilities. The current capital injection is set to further scale TransBnk’s tech infrastructure and its product stack, with officials from the company mentioning their enthusiasm over the fundraising and the investors’ confidence in its team, mission, and capability to operate in a competitive landscape. With the support received from investors, the firm plans to continue to develop relationships and collaborations while driving growth across targeted markets. Furthermore, representatives from 8i Ventures highlighted that, through its features, TransBnk is set to optimise India’s transaction banking sector, enabling banks to provide improved transaction solutions and bridge the technology gap.

Additionally, TransBnk’s approach works towards augmenting the overall financial environment and, by investing in the firm, 8i Ventures advances its allegiance to assisting fintech ventures in their operations. .