Escrowpay to Raise in Excess of Rs 120 Cr to Fuel Its Growth and Expansion Plans

The company already raised 2 rounds in 2022 as part of its pre-A2 series of funding

Escrowpay, India’s first digital escrow platform, is looking forward to raising additional funding of Rs 120 crore as growth capital. In the year 2022, the company raised 2 rounds of pre- A2 funding. The company has witnessed 8X growth in its transaction processing volume (TPV), with the average size of the transaction of Rs. 750,000, and eyeing to achieve Rs10,000 crore as its TPV target for the financial year 2023.

Escrowpay is expanding its footprint through organic and inorganic spins. The team size of the company has grown by 3X, and the SME count has gone up by 5X. The company is currently working with 5 banks and is in the process of on boarding more. Additionally, the company has set a target to reach 10,000+ SMEs over the next 12 months and offer them financial optimization through our digital escrow services.

Ashwin Chawwla, Founder & MD, Escrowpay, said, “Moving contingent money across rails and Escrow banking in India was archaic, completely branch driven and manual, which enabled us to come up with a solution that was seamless, digital and agile. By introducing Escrowpay, we are building a trust-based ecosystem which will not only be beneficial to large and listed companies but also will empower emerging businesses in India. We are looking forward to raising the fund and taking the escrow solutions to new levels and across various business sectors.”

Furthermore, Escrowpay is in the process of launching a cross-border payments stack with leading partners, which will add substantial value to all its stakeholders and clients.

Escrowpay to raise in excess of 120 crores to fuel its growth and expansion plans.

Escrowpay, a pioneer in digital escrow solutions in partnership with multiple leading banks,  enables smarter, faster and safer transactions. As an integrated stack it not only helps drive efficiencies for payments and collections but also brings in the much needed layer of trust and transparency in transactions. 

Escrowpay offers industry/category agnostic Enterprise focused solutions catering to multiple use cases and helps create digital escrow accounts almost instantly/ in less than a few minutes.

Proxtera and Tazapay Partner to Propel Cross-Border Trade for SMEs

SINGAPORE, Feb. 24, 2021 /PRNewswire/ -- Proxtera, a network of business-to-business (B2B) marketplaces that facilitates cross-border trade for small-medium enterprises (SME), and Tazapay, a digital escrow service for cross-border trade, today announce their partnership to launch Proxtera Protect, Powered by Tazapay to provide international buyers and sellers with a secure and protected payment service to streamline global trade.

In partnership with Proxtera, Tazapay will provide a digital escrow service for both buyers and sellers connected via participating platforms on the Proxtera network. Many businesses already use Proxtera to identify new trade partners and connect to discuss, negotiate and finalize trade terms. Through Proxtera Protect, Powered by Tazapay, SMEs will be able to complete transactions through the secure escrow payments service, providing both buyers and sellers with a critical layer of protection and confidence when doing business with a new partner.

"Tazapay is committed to solving a long-term problem for SMEs, which is that they are often restricted from growing their number of trading partners due to lack of trust around shipments and payments," said Rahul Shinghal, CEO of Tazapay. "This hinders business success, and Proxtera is similarly focused on providing SMEs with options and tools that allow them to work with a wide range of business partners and drive growth. We're pleased to power Proxtera Protect and grow alongside Proxtera as both entities focus on their missions to elevate the local economy by empowering SMEs with global trade opportunities."

The first trading corridor to be activated for Proxtera Protect is between India and Singapore. The global pandemic has exacerbated the challenge for SMEs with regard to cross-border payments. Over the last year, new trading partners have not been able to meet to build trust, causing an increased number of deals to fall through and lost time and resources on both sides. Tazapay solves this problem by offering secure digital background checks and an escrow service to hold funds until such time that both parties have confirmed delivery and receipt of the goods. Proxtera Protect also ensures that monies are returned should shipments not arrive.

"Proxtera's mission is to unlock new trade and business opportunities for SMEs around the world, and Proxtera Protect, Powered by Tazapay is a critical component to bridge the trust gap that hinders cross-border trade," said Shirish Jain, program director at Proxtera. "With the addition of trusted partners such as Tazapay, Proxtera can deliver on its promise to provide SMEs a wealth of business tools and opportunities at their fingertips, opening up pathways to growth and driving economic recovery to help businesses thrive in the 'New Normal'."

Proxtera has already helped to connect approximately 300,000 SMEs to new trading partners across Singapore, Philippines, India, and Kenya; and offers a host of digital tools and services that help SMEs more quickly access, evaluate and act on business opportunities.

SMEs can join the Proxtera network via its eCommerce platform partners to benefit from new business opportunities. Upon identifying a potential opportunity, they can leverage Proxtera Protect, Powered by Tazapay's market leading infrastructure to finalise the escrow terms and subsequently make and receive payments securely.

About Proxtera

Proxtera is on a mission to connect the small and medium enterprises of the world by creating an open connector for B2B marketplaces, trade associations, and providers that service SMEs. Proxtera was launched in 2020 and is the commercialisation of Business sans Borders (BSB) an initiative of the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority ("IMDA") that was launched in 2018. Proxtera enjoys support from corporate investors, professional investors, and Singapore government agencies. Find out more at www.proxtera.com or via email contact@proxtera.com.

About Tazapay

Tazapay is a secure digital payments platform for SMEs engaging in cross-border trade. It provides secure digital escrow to help reduce risk and increase confidence for both parties in a transaction and offers background to ensure more transparent trading. Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has raised more than $3 million in funding from partners including Sequoia and Saison Capital. Find out more at www.tazapay.com.