trustshare, a London-based startup that is building escrow infrastructure to combat fraud and mistrust, raised £2.3 million in funding led by Nauta Capital.
The company plans to use their funding to accelerate core product features, hire talent across key business functions and open their first US office.
Further, the trustshare also plans to roll out alternative payment methods including, credit checkout for consumers later in the year.
The company has previously raised an angel round from Alex Chesterman, founder of Cazoo and Zoopla, and James Hind, CEO of Carwow.
Combating fraud and mistrust
Founded in 2020 by Nick Fulton and Joe Harlow, trustshare is on a mission to combat fraud and mistrust in high-value online purchases through their easy-to-integrate digital escrow platform.
Nick Fulton, CEO, and co-founder of trustshare explains: “Escrow is viewed as this slow, archaic payment method used in M&A and traditional property purchases, but its core premise of offering a trust layer between buyer and seller is of ever-increasing value in a world moving remote.”
“Our 5 lines of code branded escrow checkout is taking many marketplaces, brands that consumers know and trust, transactional. Our borderless escrow infrastructure is incredibly powerful, and we plan to launch new products including instant pay-throughs, baskets, and projects to make payments as quick and easy as sending an email,” he adds.
Once the platform is live, buyers can checkout into a dedicated account per transaction on the marketplace. The seller sees the funds and delivers the product or service. Once completed and the buyer is satisfied, the buyer releases funds to the seller.
Payment coverage in 180 countries
With payment coverage in over 180 countries in 30 global currencies, trustshare is currently focusing on non-transactional B2B marketplaces, online classified, and trade directories.
The company works with customers like Watchcollecting, Bookabuilder, and UK trade body FENSA’s Deposit Protection service.
Commenting on the investment, Carles Ferrer, Nauta Capital’s London-based General Partner said: “trustshare’s scalable and low-cost escrow infrastructure product looks to be a great solution for a very clear need for a supplier that can deliver trusted payments for high-value transactions. From the first meeting, we were extremely impressed by their industry expertise and track record, and we’re honoured to partner with them at such a crucial time.”
The post London-based ‘escrow infrastructure as a service’ startup trustshare secures £2.3M appeared first on UKTN (UK Tech News).