Escrowpay Secures Digital Escrow Authorization and $6M Funding

Escrowpay, a digital escrow platform from India, has received regulatory authorization from the International Financial Services Centres Authority in Gujarat. This approval allows the company to manage funds or assets for other parties in a contractual arrangement, with payment being contingent on the fulfillment of agreed-upon conditions.

Expanding the Digital Escrow Landscape

Escrowpay’s digital platform facilitates a more streamlined and secure payment process. The company boasts a client base of over 3,000, including MSMEs, unicorns, listed enterprises, and emerging digital-first businesses throughout India. Since its inception in 2015, the platform has processed transactions exceeding US$1.8 billion, with daily transactions totaling around US$36 million.

The recent authorization will enable Escrowpay to venture into cross-border transactions across 14 different currencies, according to Managing Director Ashwin Chawwla.

Escrowpay’s Funding Boost

Escrowpay has also secured considerable funding to expand its services. An ongoing series A fundraise has garnered the company an additional US$4 million, bringing the total amount raised to over US$6 million. The company’s ultimate goal is to raise US$15 million in this round.

The funds are earmarked for focusing on cross-border transactions and establishing a presence in overseas markets, with the United Arab Emirates being a key interest area. This move is seen as a significant step in solidifying Escrowpay’s position as a leading digital escrow service provider.