Escrowpay, a fintech company into escrow banking, said it had raised over $6 million in its ongoing Series A funding round.
“The board has approved to sign a definitive agreement for issuing warrants for up to $4 million thus taking the total capital raised till date to cross $6 million. This raise forms part of its ongoing Series A capital raise program of $15 million,” the company said in a statement.
The firm said it is currently backed by investors like Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, Angel List, Inflection Point Ventures and Chhattisgarh Investments.
It has also announced that it had been granted the first digital escrow regulatory fintech authorisation from IFSCA, Gift City, Gujarat.
“The digital escrow regulatory authorization is a testament to the dedication to providing secure and efficient financial solutions to 70 million SMEs in India. It will position the company as a responsible and trusted player with regulatory oversight in the fintech sector,” the statement added.
The firm said it provides digital escrow services to over 3,000 clients including MSMEs, unicorns, listed enterprises, and emerging digital first businesses across India, and had processed transactions of ₹15,000 crore.
Ashwin Chawwla, Managing Director, Escrowpay, said, “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,” he added.