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Post: Berlin-based TransactionLink raises €5M to help companies automate their business onboarding processes



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Berlin-based TransactionLink, an automation platform for building complete digital onboarding experiences, announced on Wednesday that it has raised €5M in a seed round of funding led by White Star Capital. 

Additional angel investors from London and Paris, as well as existing investors such as Target Global and angels from the pre-seed round, participated in the new funding round.

The German company will use the funds to expand its KYB (know your business) product into new sectors and grow its headquarters in Berlin and London.

Mateusz Pniewski, CEO & founder of TransactionLink, says, “We’ve seen a surge in interest for business onboarding automation over the last year. Business services have traditionally been manual add-ons, but financial institutions have realised that to stay competitive, investing in user experience and process efficiency is key, rather than purely focusing on product offerings. A big shift in B2B financial services requires all players to adapt, much like the change triggered by Revolut, Monzo, and N26 in the retail space during the 2010s.”

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TransactionLink: Automating customer onboarding

Mateusz Pniewski founded TransactionLink in 2020 as an open banking services provider, but now it focuses on customer onboarding.

The German firm helps companies globally to build tailored business onboarding processes in minutes, all with no code, saving time and money.

From creating complex workflows and adding risk and decision logic to integrating with best-in-class KYC/KYB services – all with no code. 

TransactionLink automates back-end checks and front-end customer interactions for a complete end-to-end experience. 

Notably, it removes the need for large, costly operations teams and means engineering teams don’t have to spend time building an onboarding process from the ground up.

The company now works with over 50 customers globally, including Fortune 500 and global payments provider Fiserv. 

It offers over 150 ready-made integrations to the most common KYB/KYC data sources across more than 100 geographies, and the platform can be fully white-labelled. 

TransactionLink speeds up merchant activation for PSPs, reduces manual work when opening business accounts with banks and wealth management platforms, and reduces churn in onboarding. 

Mateusz Pniewski adds, “We are very happy to be working with some of the world’s biggest payment providers, as well as new challengers in the fintech space. For some established players, we reduced their onboarding costs by as much as 70 per cent, while for new entrants and scaleups, we provided them with ready-made onboarding processes as they expanded into new markets.” 

“As we look to the future, it’s great to be backed by a partner with such strong conviction in our vision and team. White Star Capital’s broad geographic footprint will be key for our strategy as B2B onboarding is moving to a global-first model,” he concludes. 

The investor

White Star Capital is a global multi-stage technology investment platform that invests in entrepreneurs building ambitious, international businesses. 

The firm operates from London, New York, Paris, Montreal, Toronto, Guernsey, Tokyo, and Singapore. 

Nicholas Stocks, General Partner at White Star Capital, says, “Having partnered with several large international customers over the past year, the team at TransactionLink has shown excellent traction. KYB has become critical to business offerings globally across various 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.”

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Lora Helmin

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