Escrowpay gets $4m series A boost, regulatory approval in India

Photo credit: Shutterstock

Escrowpay has received the digital escrow authorization from the International Financial Services Centres Authority in Gujarat, India.

Escrow is a contractual arrangement where a third party manages funds or assets for the transacting parties, with disbursement contingent on agreed-upon conditions.

Escrowpay takes this process online, making completion of payments faster and more secure.

With a client base exceeding 3,000, Escrowpay – which claims to be India’s first digital escrow platform – has processed transactions totaling over US$1.8 billion. Companies using its services consist of MSMEs, unicorns, listed enterprises, and emerging digital-first businesses throughout the country.

Since it was founded in 2015, Escrowpay has grown to process US$36 million worth of transactions a day.

Managing director Ashwin Chawwla in a statement said the regulatory authorization enables Escrowpay to expand its services, including venturing into cross-border transactions across 14 different currencies.

In addition to the regulatory approval, Escrowpay has bagged US$4 million in an ongoing series A fundraise, bringing the amount secured so far to over US$6 million. The company aims to raise US$15 million in total for the series A round.

Escrowpay will use these funds to focus on cross-border transactions and establish a presence in overseas markets like the United Arab Emirates.

See also: Can Julo’s 2 million users help it succeed in Indonesia’s student financing industry?