Castler, a global escrow banking software company, has onboarded a global e-commerce major and closed its Pre-series A funding round by acquiring $6 million. Industry sources confirmed that the funding round was led by IIFL Fintech Fund, Capital 2B and other prominent investors. This investment will help Castler to increase its expansion approach for both national and international escrow services.
The company’s aim is to make escrow banking simple and digital, which will ensure its mainstream adoption and creating trust as a natural aspect of digital transactions.
Castler’s unique banking stack acts as an interface between enterprises and banks which will be addressing problems related to identity verification, intricate transaction flows, transforming business and revenue models, money sources, fraud management, and customer-consumer protection.
The company intends to set up firm partnerships with more than 25 banks, aiming for substantial growth in the coming years.
Started in 2021 by Vineet Singh and Dinesh Kumar, Castler stated that it right now handles monthly transactions of over INR 5,000 crore. Castler’s Escrow Banking Stack plays a vital role in bridging enterprises and banks. It has been providing solutions in this modern financial landscape.
Castler is now introducing solutions for liquidation and Real Estate Regulatory Act (RERA) escrows in partnership with multiple banks, Non-Banking Financial Company (NBFCs) and IRPs. They recently appointed their Co-Founder & COO, Fintech Veteran Kumar Amit, who was an ex-VP at Razorpay.