Gurugram, Haryana, 26th October 2023 – Escrowpay, a leading innovator in the Escrow Banking – Fintech industry, is delighted to announce a significant achievement in its pursuit for excellence. The company has been granted the first digital escrow regulatory fintech authorization from IFSCA, Gift City, marking a major milestone 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 mn SMEs in India. The authorization will position Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector. Recognized for its innovative digital escrow solutions, Escrowpay was recently awarded the ‘Best Escrow Platform Asia 2023’ by Global Financial Markets, UK. It provides digital escrow services to 3000+ clients including MSMEs, unicorns, listed enterprises, and emerging digital first businesses across India, and has processed transactions in excess of INR 15,000 crores.
Ashwin Chawwla, Managing Director, Escrowpay, said, “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. The authorization 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.”
The board of the company has also approved to sign a definitive agreement for issuing warrants for up to US $ 4 mn thus taking the total capital raised till date to cross $ 6 mn. This raise forms part of its ongoing Series A capital raise program of US $ 15 mn. Escrowpay is currently backed by investors like Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, Angel List, Inflection Point Ventures, Chhattisgarh Investments etc.
Following the footsteps of UPI taking the offering globally, Escrowpay has plans to increase its focus on cross border transactions as well as on shore presence in overseas geographies such as UAE etc. The company has seen rapid growth over the last 2 years. Collaborating with multiple large best of breed regulated banks it has built a proprietary, open architecture stack that offers an integrated and convenient solution for SMEs at large. Escrowpay also plans to integrate with 5 large UAE banks next year.
