Escrowpay, the leading digital escrow platform, has been granted the first digital escrow regulatory fintech authorisation from IFSCA, Gift City, marking a major milestone in its commitment to compliance and innovation in digital payments.
The digital escrow regulatory authorisation is a testament to Escrowpay’s dedication to providing secure and efficient financial solutions to 70 million SMEs in India. The authorisation will position Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector. It provides digital escrow services to 3,000+ clients, including MSMEs, unicorns, listed enterprises, and emerging digital-first businesses across India,, and has processed transactions in excess of Rs 15,000 crore.
Ashwin Chawwla, Managing Director, Escrowpay, said, “We are thrilled to receive the regulatory fintech authorisation from IFSCA. We are India’s first digital escrow platform and are now the first to be authorised too. We look forward to continuing our mission to make escrow banking more accessible, affordable, and secure for all users.”
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.
The board of the company has also approved to sign a definitive agreement for issuing warrants for up to $4 million, taking the total capital raised till date to cross $6 million. This raise forms part of the company’s ongoing Series A capital raise programme of $15 million.
Escrowpay is currently backed by investors like Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, AngelList, Inflection Point Ventures, Chhattisgarh Investments etc.
Following the footsteps of UPI taking the offering globally, Escrowpay plans to increase its focus on cross=border transactions as well as on=shore presence in overseas geographies such as the UAE etc. The company has seen rapid growth over the last two 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 five large UAE banks next year.
