[Funding alert] Inflection Point Ventures invests $150,000 in digital payments platform Escrowffrr
Trustmore Technologies-owned and operated Escrowffrr, which is an escrow services-focused digital payments platform, has raised $150,000 in a pre-series investment round led by Inflection Point Ventures, the investor announced in an official release.
With this fundraise, the digital payments company, which is currently focused on real estate, will be looking to utilise the capital to grow its escrow business beyond real estate as a category.
Powered by leading banks such as ICICI Bank and Axis Bank, Escrowffrr basically allows users to set up and transact in a safe and secure manner using a convenient digital escrow account in minutes. The idea is to transform the contingent transaction process by providing full transparency on funds to all parties and acting as the centralized account for all transaction funds, in the process reducing overall costs and providing fraud protection.
“Every transaction today is plagued by ‘Trust Deficit’ and Escrowffrr wants to lead and act as an enabler of trust. Contract enforceability is very poor in India and as a result, transactions end up in litigation. We believe a unique solution like escrow will help in solving this pain,” Ashwin Chawwla, the founder and CEO of Escrowffrr said.
Escrowffrr, which is currently focused on Delhi NCR, is eyeing an expansion in the near future, with a focus on the top seven cities in India. With a focused B2B2C go to market strategy, the company also plans to build its own network of Escrowffrr trust advisors and channel partners, which today stands at over 500.
“Escrowffrr helps address the vital element of creating a platform of trust for concluding the transaction, which is a real need today, especially in real-estate transactions. The transparent and efficient digital platform enables both buyer and seller to use Escrowffrr. The risks perceived around safety of advance payments and original documents are eliminated,” added Sanjay Malhotra, an IP Ventures investor member, commenting on the investment.
(Edited by Megha Reddy)