Escrowpay has raised an additional $4m in funding bringing the Series A to a total of $6m.
The fundraise is a part of Escrowpay’s extended Series A round, where the firm aims to accumulate a capital of $15m, according to a report from inc42.
The company, founded in 2015 by Ashwin Chawwla and Subhrangshu Neogi, has revolutionised the traditional concept of escrow services. Escrowpay utilises cutting-edge technology to offer digital escrow services, making transactions transparent, efficient, and accessible for businesses and individuals. With a clientele of over 3,000, including MSMEs, unicorns, and listed companies.
Escrowpay cofounder and managing director Ashwin Chawwla expressed gratitude for this achievement. “The authorisation will enable the company to further bolster its suite of offerings and commence cross border transactions in over 14 world currencies. As we celebrate this significant milestone, we extend our gratitude to our customers, banking partners, and the dedicated Escrowpay team whose hard work and commitment have made this achievement possible,” Chawwla said.
In terms of future plans, Escrowpay is set to follow the UPI model and expand globally. The focus will be on cross-border transactions and establishing a physical presence in key international markets, including the UAE. With rapid growth in the last two years, Escrowpay is also looking to integrate with five major banks in the UAE next year.
The backing for this venture comes from several investors, including Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, AngelList, Inflection Point Ventures, Chhattisgarh Investments, among others.
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