Berlin-based no-code platform TransactionLink has raised a €5 million Seed round. The round was led by White Star Capital and includes participation from existing investor Target Global and angel investment from existing and new investors.
Previously an open banking services provider, TransactionLink's offering is a drag-and-drop builder which allows companies to create their own unique onboarding process and know your customer/business automation. The fresh capital will fuel the further development of the KYB product and see it grow its offices in Berlin and London.
“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. 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," says Mateusz Pniewski, CEO and founder of TransactionLink.
The platform now offers over 150 ready-made integrations to the most common KYB/KYC data sources across more than 100 geographies - it can be fully white-labelled
"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," says Nicholas Stocks, General Partner at White Star Capital.
Lead image: via TrabsactionLink. Photo: Uncredited.