Escrowpay Secures Fresh Funding In Ongoing Series A Round, Gets IFSCA Authorisation
Escrowpay, a digital escrow and settlements platform, has signed a definitive agreement to raise an additional $4 Mn in funding via issuance of warrants, taking its total funds raised till date to $6 million. The funding is part of the startup’s extended Series A funding round, in which Escrowpay aims to raise $15 Mn in funding.
Additionally, the fintech startup claims to have become the first firm to receive the maiden digital ‘escrow regulatory fintech authorisation’ from the International Financial Services Centres Authority (IFSCA), located in Gujarat International Finance Tec-City (GIFT City), marking a significant milestone in Escrowpay’s commitment to compliance and innovation in digital payments.
Escrowpay | Digital Escrow and Settlements Platform
Founded by Ashwin Chawwla and Subhrangshu Neogi in 2015, Escrowpay is a digital escrow and settlements platform that claims to offer secure, accessible, and transparent digital escrow services for both businesses and individuals. As per the startup, it provides services to more than 3,000 clients, including MSMEs, unicorns, and listed enterprises.
Speaking about the development, Ashwin Chawwla, Co-founder and Managing Director of Escrowpay, highlighted his excitement to have received the regulatory fintech authorisation from IFSCA.
“We are India’s first digital escrow platform and are now the first to be authorised too. We look forward to continuing our mission to make escrow banking more accessible, affordable, and secure for all users.”
Backed by investors like AngelList, We Founder Circle, Tano India Opportunities Fund, Chhattisgarh Investments, Zenith Global Group, Inflection Point Ventures, etc., the startup claims to have processed transactions over INR 15,000 Cr till date.
IFSCA Authorisation and Growth Plans
As per Escrowpay, the IFSCA authorisation will enable it to commence cross-border transactions in more than 14 global currencies. Further, it will enable the startup to roll out financial solutions to Indian small and medium enterprises (SMEs) and strengthen its offerings, ensuring adherence to compliance measures in the digital payments arena.
With aims to take its offerings globally, the startup plans to increase its focus on cross-border transactions and expand its on-shore presence in overseas geographies such as the UAE, etc. Escrowpay claims to have seen accelerated growth over the last two years and collaborated with multiple large regulated banks.
Having built a proprietary, open architecture stack that offers SMEs an integrated and convenient solution, the escrow and settlements platform has plans to integrate with five large UAE banks next year.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.