TransactionLink, a ‘drag-and-drop’ builder aiming to save onboarding teams time and money, has raised a €5 million seed round to expand its KYB (know your business) product into new sectors.
The round was led by White Star Capital, 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 claims to give teams the power to build and automate their business onboarding processes in minutes. This might include creating complex workflows, adding risk and decision logic, and integrating with KYC/KYB services – all with no code.
The platform automates back-end checks and front-end customer interactions and aims to remove 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.
“We’ve seen a surge in interest for business onboarding automation over the last year,” said Mateusz Pniewski, CEO & founder.
“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.”
Having started life as an open banking services provider, TransactionLink now focuses on customer onboarding.
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.
“We are very happy to be working with both some of the biggest payment providers in the world, as well as new challengers in the FinTech space,” continued Pniewski.
“For some established players we were able to reduce their onboarding costs by as much as 70%, while for new entrants and scaleups, we provided them with ready-made onboarding processes as they expanded into new markets.
“As we look to the future, it’s great to be backed by a partner with such strong conviction in our vision and team. White Star Capital’s broad geographic footprint will be key for our strategy as B2B onboarding is moving to a global-first model.”