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TranServ Pvt Ltd, a Mumbai-based pre-paid payments solution provider, has completed ‘Series B’ financing led by Faering Capital India Evolving Fund.
TranServ’s existing investors, Nirvana Venture Advisors also participated in this round. As part of the deal, Sameer Shroff and Aditya Parekh, Managing Directors of Faering Capital, will join the TranServ board.
‘Series B’ is the second round of funding provided to a company by private equity investors or venture capitalists, which occurs generally after the firm has accomplished certain milestones.
The company will channel the investment to scale up its operations, enhancing its technology platform and helping deliver pre-paid solutions to new clients and customer groups.
TranServ has deployed an array of solutions including dairy payments, distribution of Government grants, insurance payments, payroll processing and incentive payouts, among others.
“The country is experiencing a new wave in payments and financial technology. With this investment we aim to leverage our expertise in pre-paid payments to offer best in class products and end-to-end programme management to our banking and corporate customers. The company will continue to invest in offering the highest standards of quality and security to our clients,” Anish Williams, Co-Founder and Chief Executive Officer of TranServ said.
Founded in 2011, TranServ offers pre-paid payment products and solutions to banks, corporates and other institutions.
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