Escrowpay, a leading provider of digital escrow platforms, has successfully raised $6 million in fresh funding from existing investors as part of its ongoing series-A round targeting a total of $15 million. The company, which recently achieved the distinction of securing the first digital escrow regulatory fintech authorization from the International Financial Services Centre Authority (IFSCA) in the Gift City, plans to strategically utilize the funding to accelerate its initiatives, support key growth areas, and drive innovation within the payments ecosystem.
Series-A Funding and Regulatory Milestone
The latest funding round, part of the series-A financing, underscores the confidence of existing investors in Escrowpay’s business model and growth prospects. The company has set a target of raising $15 million in the ongoing round to further strengthen its position in the digital escrow space. A notable achievement for Escrowpay is securing the first digital escrow regulatory fintech authorization from IFSCA in the Gift City, marking a significant milestone in its regulatory compliance and recognition.
Client Base and Transaction Volume
With a diverse clientele, Escrowpay currently serves over 3,000 clients, including Small and Medium Enterprises (SMEs), unicorns, listed enterprises, and emerging digital-first businesses. The platform has facilitated transactions exceeding Rs 15,000 crore, demonstrating its pivotal role in securing and facilitating digital transactions for a wide range of businesses.
Strategic Utilization of Funds
Ashwin Chawwla, Managing Director of Escrowpay, emphasized that the fresh capital injection would be strategically deployed to accelerate the company’s initiatives, bolster support for key growth areas, and drive innovation within the payments ecosystem. This strategic approach reflects Escrowpay’s commitment to staying at the forefront of digital escrow services and addressing the evolving needs of businesses engaging in digital transactions.
Fostering Innovation in Payments Ecosystem
The funding round signals a new phase of growth for Escrowpay as it aims to enhance its capabilities and expand its footprint in the rapidly evolving digital payments landscape. The company’s focus on fostering innovation aligns with the broader industry trends, where secure and efficient digital payment solutions are gaining increasing prominence.
Conclusion
Escrowpay’s successful fundraising and regulatory authorization underscore its position as a key player in the digital escrow domain. As it navigates the dynamic landscape of digital transactions, the company’s strategic use of funds and commitment to innovation position it for sustained growth and continued contributions to the evolution of secure and reliable digital payment solutions. The ongoing series-A round is expected to provide further momentum for Escrowpay’s expansion and initiatives in the digital escrow sector.