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India's fintech start-up TransBnk has secured $25 million to fund its expansion in the Middle East and Southeast Asia.
The Series B funding round for the Mumbai-based transaction banking platform was led by Bessemer Venture Partners, with participation from existing investors 8i Ventures, Accion Venture Lab and GMO Venture Partners, as well as new investors Arkam Ventures and Fundamentum Partnership.
The fresh capital will be used to support plans to enter new markets and develop new products.
The start-up operates a single platform that connects companies to multiple banks. It helps businesses manage payments, collections and reconciliation, among other financial transactions, addressing the problem of having to deal with various banking portals and manual processes.
(Writing by Cleofe Maceda; editing by Seban Scaria)
