TransactionLink, situated in Berlin, receives €5 million in seed funding. White Star Capital, an international multi-stage investment company, served as the round’s lead investor. Angel investors from London and Paris additionally took part in the round. Along with other angel investors from the pre-seed round, existing investor Target Global also took part in this fresh round of fundraising.
This funding is going to be used to grow the company’s co-headquarters in Berlin and London as well as to expand the KYB (know your business) the solution into other industries. Teams have the ability to create and automate their company onboarding processes with TransactionLink in a matter of minutes. With no coding, you can build complicated workflows, incorporate risk and choice logic, and integrate with the top KYC/KYB services.
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.”
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.”
TransactionLink, which was established in 2020 as a provider of open banking services, shifted its focus to customer onboarding. The procedure is still very manual in the business-to-business sector.
TransactionLink realized that by using its automation methods, it could offer a comprehensive onboarding pack that would significantly decrease the amount of time and money spent on onboarding by payments providers, fintechs, banks, and wealth management platforms alike.