White Star Capital led a €5 million seed round of investment for Berlin-based TransactionLink, an automation platform for creating comprehensive digital onboarding experiences. The company announced on Wednesday.
The new investment round included participation from more angel investors from Paris and London, pre-existing investors, Target Global, and angels from the pre-seed round.
The German firm will use the money to build its offices in Berlin and London and to broaden the market for its KYB (know your business) software.
In the past year, there has been a significant increase in interest in corporate onboarding automation, according to Mateusz Pniewski, CEO and creator of TransactionLink. Financial institutions have realized that investing in user experience and process efficiency is crucial to staying competitive rather than only concentrating on product offerings. Business services have typically been manual add-ons.
All stakeholders must adjust to a significant transformation in B2B financial services, much like Revolut, Monzo, and N26 did in the retail sector in the 2010s.
Automating customer onboarding using TransactionLink
In 2020, Mateusz Pniewski launched TransactionLink as a supplier of open banking services, but it mostly focuses on client onboarding. The German company assists businesses worldwide in creating customized business onboarding procedures quickly and cost-effectively without writing any code. With no coding, you can build complicated processes, incorporate risk and decision logic, and integrate with the top KYC/KYB providers.
For a seamless end-to-end experience, TransactionLink automates back-end audits and front-end consumer interactions. Notably, it eliminates the need for big, expensive operations teams and spares engineering teams the time-consuming task of designing an onboarding procedure from scratch.
The business collaborates with over 50 clients worldwide, including Fiserv, a global payments provider, and a Fortune 500 corporation. The platform may be completely white-labeled and includes over 150 ready-made connectors to the most popular KYB and KYC data sources across more than 100 regions.
TransactionLink eliminates manual effort when creating business accounts with banks and wealth management platforms, expedites merchant activation for PSPs, and speeds up onboarding.
“We are very happy to be working with some of the biggest payment providers in the world, as well as new challengers in the fintech space,” Mateusz Pniewski continues. We supplied scaleups and new entrants with ready-made onboarding procedures as they expanded into new markets, while we cut onboarding expenses for some existing companies by as much as 70%.
Having a partner who shares our strong belief in our team and mission as we move into the future is wonderful. As B2B onboarding shifts to a global-first approach, White Star Capital’s extensive geographic reach will be crucial to our strategy, he adds.
White Star Capital is a multi-stage technology investment platform that backs business owners launching ambitious global ventures. The company operates in London, New York, Paris, Montreal, Toronto, Guernsey, Tokyo, and Singapore.
The team at TransactionLink has demonstrated good traction, according to Nicholas Stocks, General Partner at White Star Capital: “Over the past year, we have worked with several significant international customers. Globally, KYB has become essential to company offerings across various industries, but creating and maintaining an effective and streamlined KYB process is still challenging. We’re eager to see where Mateusz and his team go in the coming years since tackling this issue is possible.
