According to Techcrunch, Transbnk enables approximately 110 million transactions a month, covering 11,000 bank accounts and utilising over 1,500 APIs.
,Transbnk secured $25 million in its Series B funding round from Bessemer Venture Partners which included $4 million in secondary and saw participation from Fundamentum, Arkam Ventures, 8i Ventures, Accion, and Japan’s GMO Venture Partners.
,With plans to expand beyond India and enter Southeast Asia and the Middle East, growth is definitely a priority for Transbnk. In addition to building out its infrastructure platform layer, plans are underway to expand to real estate, pharma, and renewable energy.
,The Mumbai-based organisation, according to Techcrunch, “positions itself in this space with what it calls a ‘common operating system’ — a single window through which businesses can access the banking ecosystem. It offers a foundational layer of microservices, enabling use cases such as treasury, liquidity, and escrow management to be built upon.”
,Former banker, co-founder and CEO of Transbnk Vaibhav Tambe says: “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. 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?”
