Mumbai-based fintech startup TransBnk has raised $1 million in a seed funding led by 8i Ventures. The round also saw participation of Growthcap Ventures, Leadway Ventures LLP and Growth sense.
The company plans to utilise the funds to bolster its product and technical teams, enhance its tech stack, and expand its product line, TransBnk said in a press release.
Co-founded in 2022 by Sachin Gupta, Vaibhav Tambe, Lavin Kotian, and Pulak Jain, TransBnk is a transaction banking platform enabling corporate, commercial and institutional clients to make agile, secure and robust transactions with embedded finance and SaaS. It aims to provide deep domain expertise to ensure seamless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance and custodial services in close collaboration with banks.
According to TransBnk, its technology platform has already been recognised by major banks and lenders for managing capital flows in co-lending, lease rental discounting, and more.
TransBnk claims to have partnered with over 10 leading private banks and serving more than 50 corporate, institutional and fintech clients. The company aims for 2.5 to 3 times growth in the number of clients and partner banks by March 2024.