Digitalization has changed banking for India’s consumers, but corporate banking remains in slow lanes. It still relies heavily on workflows with clunky infrastructure, paper trails and spreadsheets. Transbnk wants to address that gap, and Bessemer Venture Partners is accelerating progress by investing in a $25 million round in a startup from three years ago.
Over the past decade, India has experienced a major boom in consumer fintech, driven by transformative changes such as government-backed unified payment interfaces (UPIs) and rising digital payments, including a surge in payment aggregators.
However, these innovations have rarely improved the experience, especially in transaction banking, where payments, collections and even account statements still rely on manual processes. In many cases, business customers juggle multiple internet banking portals and rely on spreadsheets for settlement. This gap remains despite India being the world’s largest SME (SME) market and having nearly 75 million SMEs. All of these will benefit from more modern financial infrastructure.
The undeveloped possibilities of corporate banking represent a favorable opportunity. According to a February 2024 report on Chiratae Ventures and Digital’s fifth February 2024, India’s B2B fintech industry is projected to reach a market size of $20 billion by 2030. The country already has 26 fintech unicorns with a total market value of $90 billion for each data analyzed by JM Financial last year. However, most of these startups focus primarily on payment and financing innovation rather than core banking infrastructure.
Mumbai-based Transbnk, co-founded by former bankers Vaibhav Tambe, Lavin Kotian, Pulak Jain and Sachin Gupta, is located in this space in what is called the “common operating system.” It provides a foundational layer of microservices, allowing you to build use cases such as the Ministry of Finance, Liquidity, and Escrow Management.
“In the age of banking, we have always wanted many customers to have a single, integrated platform for trading banking or corporate banking in a single specific stack,” co-founder and CEO Tambe said in an interview. “And let’s take this challenge. The idea was that we could integrate and integrate with multiple banks and create a single platform with form factors like web interfaces, mobile apps, SDKs or APIs.”
Founded in 2022, the startup now works with 60 banks, with 40 fully integrated into the platform, handling transactions, payments and even tweaking core functionality. There are also 220 customers, 80% of whom are merchants including lenders, fintechs and non-banking finance companies (NBFCs), while the remaining 20% are banks with white labelling software that provides corporate banking services to their customers.
TechCrunch Events
San Francisco
|
October 27th-29th, 2025
Globally, companies such as Finastra, Temenos and Infosys’ Finacle have helped modernize banks through software platforms. In the US, players like Treasury Prime offer embedded banking solutions for corporate customers. However, in India, there are few startups in this domain left.
For this space, the building requires deep expertise in banking infrastructure. Integrates with legacy core banking systems and connects to enterprise stacks such as ERPS and Treasury platforms. It also requires close relationships with the banks to access and build data and workflows.
Over the past year, Transbnk said its revenue has risen more than 12 times, reaching approximately $12 million per year in its recurring revenue. The startup says it made it profitable for the February tax and what it was described as a healthy total margin of about 80%. The company says it allows for around 110 million transactions per month, covers 11,000 bank accounts and uses over 1,500 APIs.
The Series B funding round included a $4 million secondary, but also saw participation from Businder, Arkam Ventures, 8i Ventures, Accion and Japan’s GMO Venture Partners. The startup plans to expand beyond India, enter markets such as Southeast Asia and the Middle East, and continue to build an infrastructure platform layer. It also plans to expand its reach to sectors such as real estate, pharmaceuticals and renewable energy, Tambe told TechCrunch.
With the latest funding, Transbnk has raised a total of around $26 million. That rating has increased seven times since the last round, Tambe said.
