Castler, a Global escrow banking solution provider startup, has raised $1 million in its fresh funding round from Zerodha’s venture capital arm Rainmatter, along with participation from 9Unicorns, Venture Catalysts, Faad Network and LetsVenture.
The startup plans to use the funds to further expand its domestic and cross-border escrow product portfolio, and is expected to go live with 10 more banks.
According to the company’s statement, the startup is also planning to grow its business 10 times over the next year.
Delhi-based Castler was founded in January 2021 by Vineet Singh, Dinesh Kumar and Ritesh Tiwari, It provides domestic and cross-border escrow solutions, escrow management solutions for enterprises and banks.
“Our simplified, technology fuelled platform and high-calibre experience allows us to think like a large organisation but execute like a startup. With this funding, we will look to grow further, ” said, Vineet Singh, founder of Castler.
“Castler is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions. We’re excited to partner with them”, said, Nithin Kamath, founder of Zerodha & Rainmatter.
The startup launched Castler SmartEscro, the country’s first white-label digital escrow solution in July 2021 to make financial transactions safe and secure.
- Castler enables individual buyers and sellers, as well as businesses, to create a unique instant digital escrow facility in less than a minute.
- Castler helps make transactions more secure by keeping all transaction mediums in an escrow vault. The transaction is processed when all terms of understanding between the transacting parties have been met.
- Castler is the only secure payments solution that works for both online payment methods as well as offline instruments like cheques, demand drafts, RTGS, etc.
They intend to fill the trust gaps that have arisen due to constantly evolving monetary frauds. With multi-party protection and different levels of authentication, they honour their commitment of making business dealings safer than ever.