TransactionLink, headquartered in Berlin and specializing in an automation platform for creating comprehensive digital onboarding processes, revealed the successful completion of a €5 million seed funding round, with White Star Capital at the forefront as the leading investor.
Additional angel investors hailing from London and Paris, along with continued participation from existing investors like Target Global and angels from the pre-seed funding round, have joined in the latest financing round.
With the newly secured funds, the German company intends to expand its KYB (know your business) product into fresh sectors and further develop its operational bases in Berlin and London.
Mateusz Pniewski, the CEO and founder of TransactionLink, remarks, “Over the past year, we’ve witnessed a significant surge in interest for business onboarding automation. Traditionally, business services were predominantly manual in nature, but financial institutions have recognized the importance of investing in user experience and operational efficiency to maintain competitiveness, shifting their focus beyond product offerings. A substantial transformation in B2B financial services is underway, demanding adaptability from all stakeholders, much akin to the transformation catalyzed by Revolut, Monzo, and N26 in the retail sector during the 2010s.”
TransactionLink: Revolutionizing Customer Onboarding Through Automation
In 2020, Mateusz Pniewski founded TransactionLink as an open banking services provider, but it has since shifted its focus to customer onboarding.
This German company is dedicated to assisting businesses worldwide in creating customized business onboarding processes rapidly and effortlessly, all without the need for coding, resulting in significant time and cost savings.
TransactionLink’s capabilities encompass crafting intricate workflows, incorporating risk and decision logic, and seamlessly integrating with top-tier KYC/KYB services, all without requiring coding expertise. The platform automates both backend checks and front-end customer interactions, delivering a comprehensive end-to-end onboarding experience.
Notably, it eliminates the need for extensive and expensive operational teams while liberating engineering teams from the burdensome task of constructing onboarding processes from scratch.
Currently, the company serves over 50 clients across the globe, including Fortune 500 companies and the prominent global payments provider Fiserv.
TransactionLink offers a comprehensive array of more than 150 ready-made integrations with the most prevalent KYB/KYC data sources, spanning over 100 geographies. Furthermore, the platform is fully customizable for white-labeling.
This innovative solution accelerates merchant activation for Payment Service Providers (PSPs), streamlines the process of opening business accounts with banks and wealth management platforms, and reduces attrition during the onboarding process.
Mateusz Pniewski adds, “We are delighted to collaborate with some of the world’s leading payment providers, as well as emerging fintech challengers. We have managed to reduce onboarding costs for established players by as much as 70%, and for newcomers and scaleups, we’ve provided them with ready-made onboarding processes as they expand into new markets.”
He concludes, “As we look to the future, it’s tremendously valuable to have the support of a partner that wholeheartedly shares our vision and confidence in our team. White Star Capital’s extensive global presence will play a pivotal role in our strategy, as B2B onboarding transitions towards a global-first approach.”
About the Investor
White Star Capital is a global, multi-stage technology investment platform dedicated to supporting entrepreneurs in their endeavors to establish ambitious, internationally-oriented businesses.
With a presence in London, New York, Paris, Montreal, Toronto, Guernsey, Tokyo, and Singapore, the firm operates across an array of international hubs.
Nicholas Stocks, General Partner at White Star Capital, remarks, “In the past year, we’ve forged partnerships with numerous prominent international clients, and the TransactionLink team has demonstrated outstanding progress. Know Your Business (KYB) has become a vital component of global business offerings spanning diverse sectors. Nevertheless, creating and managing an efficient and streamlined KYB workflow remains a formidable challenge. There is a substantial opportunity in resolving this issue, and we eagerly anticipate the trajectory of Mateusz and his team in the years to come.”