Revenues for TransBnk more than quadrupled in the same period since your seed round last year. What factors do you believe prompted such significant growth and how would you approach continuity?
We built a product stack backed by robust technology post the seed round. We attained a right product market fit and addressed the pain points of lenders. Our products are customizable and plug and play for most of the NBFCs and other corporates requiring transaction banking services. This helped us shorten sales cycles and we were able to tap on to larger clients and go live in record times. We have tapped most of the tier 1 NBFCs and are now rapidly growing in the tier 2 and 3 lenders. This will help us continue the run of sustainable growth in business.
How do you see you will be able to make financial decisions on the very newly just received $4 million Series A funding from 8i Ventures and Accion Venture Lab to invest in any area, particularly in terms of entering Middle East and South-East Asian markets?
We are going to use the funds primarily to build the suite of transaction banking products which will be bank agnostic and plug and play for the clients. Our layer built on top of 25 banks would act as a one stop stack to cater to various lending use cases like Trust and Retention, RERA, P2P, PPI and other use cases. Beyond India, we are also targeting the middle eastern and south east asian markets for expansion. We are in process of developing a GTM for these markets and would soon launch in these geographies as well.
From this round, TransBnk plans to enhance its technology infrastructure and product stack. Are there any innovations or upgrades that the customers should look forward to on the platform in the near future?
TransBnk is coming up with a first of its kind blockchain innovation for one of the leading NBFCs in India. It will be launched early next month and will be a gamechanger for recurring payments. It will help set gold standards for data protection and efficiency in the process.
You have partnered with over 25 banks and processed over 50 million transactions so far. How have these partnerships helped you grow, and how are you continuing to grow your banking and fintech partners network?
Partnering with multiple banks has made us a bank agnostic pure tech service provider which helps in a plug and play solution irrespective of the bank of the customer. This helps us reduce the friction with the client as we are ready to go live with whichever bank the client is banking with. We are aiming at integrating with 40 Banks by the end of this year which will further expand our horizon and help us cover more clients banking with these banks.
As TransBnk penetrates international markets-the Middle East and South-East Asia regions, for instance-what specific challenges would you expect, and how are you preparing to navigate the regulatory and market dynamics in such regions?
The regulatory and the compliance parameters in these countries might cause a few challenges while expanding. But Transbnk has always remained committed to a pure play infrastructure business who doesn’t touch the customer’s funds. Our systems are certified with international standards like SOC 2 TYPE II and ISO 27001:2023 and we are set to launch our products in the international markets.
