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While digitization has revolutionized banking for Indian consumers, corporate banking has fallen behind, still heavily relying on outdated infrastructure, paper processes, and manual workflows. TransBnk aims to address this discrepancy, and Bessemer Venture Partners has invested $25 million in the 3-year-old startup to accelerate its advancement.
### The Untapped Potential in Corporate Banking
India has witnessed a surge in consumer fintech over the past decade, driven by advancements like digital payments through the Unified Payments Interface (UPI) and the growth of payment aggregators. However, these innovations have not significantly improved the experience for businesses, especially in transaction banking. Companies still struggle with manual processes for payments, collections, and account statements, despite India being home to nearly 75 million small and medium enterprises (SMEs) that could benefit from modern financial infrastructure.
### TransBnk’s Innovative Approach
Mumbai-based TransBnk, founded by former bankers Vaibhav Tambe, Lavin Kotian, Pulak Jain, and Sachin Gupta, offers a “common operating system” that provides businesses access to the entire banking ecosystem through a single platform. This foundational layer of microservices allows for the development of various use cases such as treasury management, liquidity management, and escrow services.
### Expanding Reach and Impact
The startup currently collaborates with 60 banks, 40 of which are fully integrated into its platform for processing transactions and payments efficiently. With 220 customers, including lenders, fintech companies, nonbank financial institutions, and banks that have adopted its software for corporate banking services, TransBnk is making significant strides in modernizing the corporate banking sector in India.
Globally, companies like Finastra, Temenos, and Infosys’ Finacle are also contributing to the modernization of banking through software platforms. In India, however, startups focusing on this domain are limited. Successfully operating in this space necessitates deep banking infrastructure expertise, integration with legacy core banking systems, and strong partnerships with banks to access and enhance their data and workflows.
TransBnk’s recent growth, profitability, and plans for expansion demonstrate its commitment to transforming corporate banking in India and beyond. Through strategic partnerships and innovative solutions, the startup is poised to continue bridging the gap between traditional corporate banking and consumer fintech, unlocking new opportunities for businesses across various sectors.
