TransactionLink, a drag-and-drop builder saving onboarding teams time and money, has raised a €5 million seed round to expand its KYB (know your business) product into new sectors and grow its co-headquarters in Berlin and London. The round was led by White Star Capital, a global multi-stage investment firm, with additional angel investors from London and Paris joining the round. Existing investor Target Global, alongside other angels from the pre-seed round, also participated in this new round of funding.
TransactionLink gives teams the power to build and automate their business onboarding processes in minutes. From creating complex workflows, to adding risk and decision logic, and integrating with best-in-class KYC/KYB services – all with no code. The platform automates back-end checks and front-end customer interactions for a complete end-to-end experience. It removes the need for large, costly operations teams, and means engineering teams don’t have to spend time building an onboarding process from the ground up.
Mateusz Pniewski, CEO & founder of TransactionLink, commented: “We’ve seen a surge in interest for business onboarding automation over the last year. Business services have traditionally been very manual add-ons, but financial institutions have realised that to stay competitive, investing in user experience and process efficiency is key, rather than purely focusing on product offerings. There is a big shift coming in B2B financial services that requires all players to adapt, much like the change triggered by Revolut, Monzo and N26 in the retail space during the 2010s.”
Founded in 2020 as an open banking services provider, TransactionLink now focuses on customer onboarding once it became clear that it was a massive opportunity. It is a process that remains incredibly manual in the business-to-business world, but TransactionLink realised that by applying its automation tools it could provide a holistic onboarding product that saves payment providers, fintechs, banks, and wealth management platforms alike a huge amount of time and money.
The company now works with over 50 customers around the world, including Fortune 500 and global payments provider, Fiserv. It offers over 150 ready-made integrations to the most common KYB/KYC data sources across more than 100 geographies, and the platform can be fully white-labelled. It speeds up merchant activation for PSPs, reduces manual work when opening business accounts with banks and wealth management platforms, and reduces churn in onboarding.
Nicholas Stocks, General Partner at White Star Capital, said: “Having partnered with several large international customers over the past year, the team at TransactionLink has shown excellent traction. KYB has become critical to business offerings globally across a variety of sectors, but building and managing an efficient and streamlined KYB workflow remains tricky. There is a massive opportunity in solving this problem and we’re excited to see where Mateusz and his team go in the years ahead.”
Read the orginal article: https://www.eu-startups.com/?p=269526
