Castler will use the funds to further grow its domestic & cross-border escrow product portfolio, expand its banking partnerships to 25 banks and grow its business 10 times over the next couple of years.
Castler’s Escrow Banking Stack is the middle-ware between banks and enterprises to solve the problems of ever-changing business and revenue models, complex transaction flows, source of money, identity verification, fraud management and customer-consumer protection.
Castler is a global escrow platform for enterprises offering both domestic and cross-border escrow solutions. Operational since April 2021, the Company works with 10 Banking Partners and is the trusted escrow solution for over 500 enterprises and manages over Rs 5,000 crores in transactions every month. “Trust is the most important digital currency and Castler is building the epitome of Trust -as-a-Service .Our astronomic growth, achieved with a team of just 20 people, is a testament to the strength and capabilities of our unique digital escrow product.” said Vineet Singh, Co-founder & CEO, Castler.
Vibhore Sharma, Partner, Capital 2B, who led the $5 million Pre Series A round of Castler, said in a statement, “Escrow banking is becoming the core banking stack anchoring most businesses and use cases. Apart from the regulator-mandated usage in capital markets, real estate, liquidation & insolvency and government subsidies, Escrow is now becoming the core stack powering financial transactions across the value chain and adds an additional but imperative layer of security and transparency. Castler aims to simplify and completely digitize escrow banking for mass adoption and make trust an implicit part of all digital transactions and smart contracts.”
“Castler’s solution combining Escrow + Trustee + Transaction Tools is a game changer for the banking industry. Castler’s ability to build a solution which works for both domestic and cross border (export-import) transactions is a unique achievement and opens a market worth hundreds of billions of dollars. We are excited to be partnering with them on their journey of democratizing Escrow Banking for consumers, SMEs and Enterprises”, said Mehekka Oberoi, Head of IIFL Fintech Fund.
Fintech luminaries Navin Suriya – Chairman FCC, Ajay Rajan – Head of Transaction Banking & Digital Transformation, Yes Bank and Naveen Kukreja – Co-Founder & CEO, Paisabazaar, have reinvested in the current round.Castler has previously raised $1.5 million in a pre-seed and seed round from Zerodha, Venture Catalysts, 9Unicorns, FAAD Network, Lets Venture, and AngelList.
Castler is a pioneer in the field of Digital Escrow in India. Founded by Vineet Singh and Dinesh Kumar, both startup veterans, the company’s endeavor is to build a global escrow platform for both domestic and cross border transactions on the pillars of good governance and responsible execution. Castler recently appointed Kumar Amit, ex-VP Razorpay as Co-founder & COO towards its endeavor of scaling the business to 100 times.
