The New Delhi-based startup has partnered ICICI Bank and certified trusteeship companies to ensure complete safety and transparency for clients. Their solution includes quick opening of digital escrow accounts for transacting parties, along with eKYC and eAgreement signing with the turnaround time significantly lower than traditional escrows.
The company said it wants to create the safest transaction ecosystem especially when dealing with unknown parties.
“As we fervently work towards making digital escrows a household name in India, more and more people are realizing that the risks they take while carrying out digital transactions are avoidable, and they find the ease and convenience of our platform attractive,” said Castler’s co-founder and CEO, Vineet Singh, who was previously the chief business officer at digital payment start-up Mobikwik. “Keeping up with today’s increasingly dynamic and globalized economic environment requires speed, accessibility, flexibility, and convenience in transaction payments, and a robust transaction ecosystem is needed.”
Founded along with other co-founders Dinesh Kumar and Ritesh Tiwari, Castler is a SaaS-based digital escrow solutions provider that offers solutions across industries along with cross-border transactions. Castler, owned by NCOME Tech Solutions, has raised Rs.3.6 crore pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture, AngelList, and PointOne Capital.
The company said it aims to make the escrow process faster, easier, and more accessible in order to mitigate the trust gap that has been fostering between transacting parties. Transacting parties get eKYC’d and formulate the terms of agreement, post which their digital escrow account is opened through Castler SmartEscro. Funds are transferred into the escrow account and payouts are verified and processed by the trustee, based on the terms of agreement between the parties.
The ongoing pandemic has witnessed a rise in cybercrimes and monetary frauds. Credit bureau TransUnion has revealed that 2020 saw a 24% increase in digital payment fraud attempts compared to a year ago.