Trustshare operates escrow-as-a-service infrastructure to facilitate online sales – TechCrunch
Meet Trust sharing, a London-based startup working on escrow infrastructure for online classifieds, B2B marketplaces, business directories and more. It is a white label platform that can be integrated with online marketplaces in a few lines of code.
If you’ve ever tried to sell something expensive on the web, you know it’s hard to know for sure you’re not getting ripped off. For example, that person trying to buy your old phone from you – should you send the phone first or ask the buyer to send the money first?
If a marketplace relies on Trustshare for payments, buyers must first checkout and leave money in a dedicated transaction-based account. Trustshare can also handle identity verification steps, such as KYC and AML (Know Your Customer and Anti-Money Laundering) checks. The seller can check the status of the funds. Once the buyer receives the product, they can release funds for the seller.
Behind the scenes, Trustshare generates a dedicated IBAN per transaction. Customers can deposit money by bank transfer or card. In the UK and Europe, Trustshare takes advantage of open banking regulations so that users can log into their bank account from the checkout process.
If you don’t want to change your site code, you can also use Trustshare for offline sales and transactions that happen through messaging or messaging apps. The company allows you to generate QR codes or payment links to initiate a payment.
The startup has raised an angelic turn with several business angels, such as Cazoo and Zoopla founder Alex Chesterman and Carwow founder James Hind. After that, Trustshare raised a $ 3.2million (£ 2.3million) funding round led by Nauta Capital.
Many companies could take advantage of Trustshare to launch their own market, as the escrow payment is one of the biggest issues. For example, you can imagine luxury brands launching their own handbag and watch marketplaces, new car marketplaces focused on a particular type of car, etc.
“Our 5 code branded escrow payment lines take many markets, brands that consumers know and trust, transactional. Really, this is just the start. Our borderless escrow infrastructure is incredibly powerful and we plan to launch new products including instant payments, baskets and projects to make payments as quickly and easily as sending an email, ”said Co-founder and CEO Nick Fulton said in a statement.
Trustshare is built on the existing payment infrastructure. That’s why it already supports 180 countries and 30 currencies. The company’s initial customers include Watchcollecting, Bookabuilder and the deposit protection service of UK trade organization FENSA.