Castler has onboarded global e-commerce major and closed it's pre-series A round at $6 million which was led by Capital 2B (an Info Edge Fund), IIFL Fintech Fund and other key investors, according to industry sources. This investment will enable Castler to bolster its expansion strategy for both domestic and cross-border escrow services.

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The firm intends to establish firm partnerships with over 25 banks, targeting substantial growth in the coming years.

As of now, the company has not confirmed the news.

Founded in 2021 by Vineet Singh and Dinesh Kumar, Castler said it currently handles monthly transactions exceeding Rs 5,000 crore. Castler's Escrow Banking Stack plays a role in bridging banks and enterprises. It said it tackles evolving business models, complex transaction flows, identity verification, fraud management and customer protection, providing a robust solution in the dynamic financial landscape.

Castler is is now launching full-stack solutions for liquidation and RERA escrows in partnership with multiple banks, IRPs and NBFCs. It recently appointed fintech veteran Kumar Amit, ex-VP at Razorpay, as Co-Founder & COO.

First Published:Aug 23, 2023 11:21 AM IST