Escrowpay Raises Fresh Capital in Series A Round, Total Funding Touches $6.6 MN The fresh capital injection will be strategically utilized to accelerate Escrowpay's initiatives, support key growth areas, and foster innovation within the payments ecosystem.
By Priya Kapoor
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Escrowpay, a pioneer in digital escrow platforms, has recently raised $600 thousand from its existing investors, taking the total funding to an impressive $6.6 million in its ongoing Series A round which has a total target of $15 million.
The fintech, which currently serves over 3000 clients, including SMEs, unicorns, listed enterprises, and emerging digital-first businesses across India, and has processed transactions exceeding INR 15,000 crore, plans to utilize the funds to accelerate its initiatives, support key growth areas, and foster innovation within the payments ecosystem. As part of its expansion plans, Escrowpay is intensifying its focus on cross-border transactions with a presence in overseas geographies such as UAE and the UK. The groundwork for this expansion has already begun, reflecting the company's commitment to meeting the evolving needs of its clients on a global scale.
Ashwin Chawwla, Managing Director, Escrowpay, expressed gratitude for the continued support from existing investors. "We have been building relentlessly to digitize cash optimization solutions since 2015. We are grateful for the continued support and confidence shown by our existing investors. This capital infusion positions us well for the next phase of growth, allowing us to execute on our strategic vision and deliver exceptional value to our customers and stakeholders. With the launch of BizSuraksha, Escrowpay has delivered an innovative 'on demand' digital escrow solution for smaller businesses that are not tech savvy or do not have their own tech team," he said.
The company boasts support from notable investors, including Bennett Coleman & Co. Ltd, Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, Angel List, JB Ventures, Angel List, Inflection Point Ventures, Chhattisgarh Investments, and top CXO angels.
It recently achieved a significant milestone by securing the first digital escrow regulatory fintech authorization from IFSCA, Gift City. This marks a pivotal moment in Escrowpay's commitment to compliance and innovation in digital payments. The company has been recognized globally for its innovative solutions, having received the prestigious 'Best Escrow Platform Asia 2023' award from Global Financial Markets, UK.
Also one of its significant developments is the launch of BizSuraksha, an industry-first 'on-the-go and on-demand escrow' digital solution. This self-serve platform is designed to empower startups and SMEs, enabling them to secure collections and payments seamlessly. BizSuraksha addresses the specific needs of businesses that may not be tech-savvy or lack their own tech team, ensuring a streamlined and efficient cash flow equilibrium for sustained business growth.
