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

• 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, announced on Wednesday that it has raised $5.3 million in venture capital funding.

The Berlin and London-based company, founded in 2020, provides no-code automation tools for companies to do new customer onboarding and know your customer, or KYC, checks.

Mateusz Pniewski, a former Visa and N26 employee, founded the startup to make it easier for businesses to create complex workflows for new customer onboarding, lowering the cost of requiring a large operations team for similar tasks.

“Our initial plan was to become an open banking provider on the continent, jumping on the PSD2 bandwagon in Europe, but we quickly realized there was a larger onboarding challenge within the sector,” said Pniewski, CEO and founder of TransactionLink. “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 integrate with databases such as the UK’s business register Companies House. However, some onboarding cases necessitate far more care, according to Pniewski. TransactionLink wants to reduce the time it takes to bring on new customers by automating the load for operations teams that spend 80% of their time on 20% of onboarding.

White Star Capital led the $5.3 million seed round, with 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,” he said.

TransactionLink currently employs 15 people in Berlin and London, and it plans to expand its team with the new funds.