Escrowpay, a leading innovator in the Escrow Banking – Fintech industry, is thrilled to announce a significant milestone in its pursuit of excellence. The company has received the first digital escrow regulatory fintech authorization from IFSCA, Gift City, marking a major achievement in its commitment to compliance and innovation in digital payments.
The Digital Escrow Regulatory Authorization is a testament to Escrowpay’s unwavering dedication to providing secure and efficient financial solutions to 70 million SMEs in India. This authorization positions Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector. Acknowledged for its innovative digital escrow solutions, Escrowpay was recently honored with the ‘Best Escrow Platform Asia 2023’ award by Global Financial Markets, UK. The company provides digital escrow services to over 3000 clients, including MSMEs, unicorns, listed enterprises, and emerging digital-first businesses across India, and has processed transactions exceeding INR 15,000 crores.
Ashwin Chawwla, Managing Director of Escrowpay, expressed his enthusiasm, stating, “We are thrilled to receive the Regulatory Fintech Authorization from IFSCA. We are India’s first digital escrow platform and are now the first to be authorized too. We look forward to continuing our mission to make escrow banking more accessible, affordable, and secure for all users. This authorization will enable the company to further expand 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.”
In addition to this achievement, the company’s board has approved the issuance of warrants for up to US $4 million, bringing the total capital raised to date to over $6 million. This funding is part of its ongoing Series A capital raise program of US $15 million. Escrowpay is currently backed by investors such as Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, Angel List, Inflection Point Ventures, Chhattisgarh Investments, and more.
Following in the footsteps of UPI’s global expansion, Escrowpay has plans to increase its focus on cross-border transactions and establish an onshore presence in overseas geographies, including the UAE. The company has experienced rapid growth over the last two years, collaborating with multiple large, best-of-breed regulated banks to build a proprietary, open-architecture stack that offers an integrated and convenient solution for SMEs at large. Escrowpay also intends to integrate with five large UAE banks next year.
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About Escrowpay: Escrowpay is a cutting-edge fintech company at the forefront of digital escrow services, specializing in providing secure, transparent, and efficient escrow solutions for a wide range of industries and transactions. Their mission is to empower businesses and individuals with the digital trust and reliability they need to engage in secure financial transactions. Escrowpay is on a mission to make escrow banking more inclusive and accessible for all.
