Backed by The Venture Catalysts++, fintech startup Castler claims a quick turnaround, setting up a fully operational digital escrow account in 14 business days
Castler offers seamless API integration, allowing users to sync its escrow services with existing systems and applications
After its recent funding, the startup aims to introduce new services and onboard 10 more banking partners
As businesses must embrace tech-driven strategies in times of rapid digitalisation and industrial automation, adopting digital escrow services is increasingly sought for fast and reliable digital payments. “Globally, escrow has been proven effective in addressing trust deficits, securing financial transactions and verifying identities. With India poised to become a $5 Tn economy by 2025, the potential for escrow to solve key challenges faced by businesses and consumers is immense,” said Singh.
The traditional escrow infrastructure has been here for a long time, though. Put simply, it is a legal arrangement where a neutral third party (usually a bank/financial institution) holds assets/funds on behalf of the transacting parties until the deal is closed satisfactorily after meeting the terms and conditions mutually agreed upon. Escrow keeps transactions safe and protects buyers and sellers from financial fraud or non-fulfilment of obligations. However, the traditional route to escrow operations has been inconvenient and time-consuming all along.