TransactionLink, a fintech startup founded by a former Visa and N26 employee, raised $5.3 million in new funding using this 10-slide pitch deck
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- TransactionLink, a company founded by a former Visa and N26 staffer, has raised $5.3 million.
- Founded in 2020, the startup provides automation tools for companies to do new customer onboarding.
- The business wants to expand its London operations with the new funding round.
TransactionLink, a startup that helps businesses automate their customer onboarding, has raised $5.3 million in venture capital funding, the company said Wednesday.
Founded in 2020, the Berlin and London-based company provides no-code automation tools for companies to do new customer onboarding and know your customer, or KYC, checks.
The startup, founded by former Visa and N26 staffer Mateusz Pniewski, makes it easier for businesses to create complex workflows for new customer onboarding, helping to reduce the cost of requiring a large operations team for similar tasks.
“Our first idea was to become an open banking provider on the continent, jumping on the wagon of PSD2 in Europe but we soon realized there was a wider onboarding challenge within the sector,” Pniewski, CEO and founder of TransactionLink, told Insider. “We started receiving more varied requests and we want to be a delight for operations teams by automating some of the weirder and more complex cases they are dealing with.”
Many businesses will have integrations into databases like the UK’s business register Companies House, for example. But some onboarding cases require much more diligence, Pniewski added. TransactionLink wants to automate the load for operations teams who spend 80% of their time on 20% of onboarding by lowering the time it takes to bring on new customers.
The $5.3 million seed round was led by White Star Capital, alongside additional angel investment and participation from existing investor Target Global, which led the company’s pre-seed funding.
“Our challenge is educating the world on solutions like this, letting people know that building these solutions in-house is stupid because there are vendors that do this and it’s more cost effective,” Pniewski added.
Currently, TransactionLink has 15 staffers between Berlin and in London, where it wants to put the new funds to work by expanding the team.
Check out TransactionLink’s 10-slide seed funding pitch deck below: