Escrow as a Service | TrustShare

Introducing Trustshare: Secure Escrow Infrastructure

Trustshare is a London-based startup focused on developing escrow infrastructure. This platform is designed for use with online classifieds, B2B marketplaces, and trade directories, among other applications.

It functions as a white-label solution, enabling seamless integration into existing online marketplaces with minimal coding effort – just a few lines of code are required.

Addressing the Risks of Online Transactions

Selling valuable items online often presents security concerns. A common dilemma arises when determining the order of exchange: should the seller ship the product first, or should the buyer remit payment upfront?

This uncertainty can be mitigated by utilizing a platform like Trustshare for payment processing.

How Trustshare Ensures Secure Transactions

When a marketplace integrates Trustshare, buyers complete the checkout process and deposit funds into a dedicated, transaction-specific account.

Trustshare also facilitates identity verification through KYC (Know Your Customer) and AML (Anti-Money Laundering) checks, enhancing security for all parties involved.

Sellers can monitor the status of funds, and once the buyer confirms receipt of the product, the funds are released to the seller.

Technical Details and Functionality

The system generates a unique IBAN for each transaction. Funds can be deposited via bank transfers or card payments.

Leveraging open banking regulations in the U.K. and Europe, Trustshare allows users to directly connect their bank accounts during the checkout process.

Offline Transaction Support

For transactions occurring outside of a website, such as those conducted via email or messaging apps, Trustshare offers alternative solutions.

The company provides tools for generating QR codes or payment links to initiate payments for offline sales.

Funding and Investment

Trustshare initially secured an angel investment round from prominent business figures, including Alex Chesterman (founder of Cazoo and Zoopla) and James Hind (founder of Carwow).

Subsequently, the startup completed a $3.2 million (£2.3 million) seed round led by Nauta Capital.

Potential Applications and Market Opportunities

Numerous businesses can benefit from Trustshare's escrow payment system, particularly those launching new marketplaces. Escrow payments address a significant pain point in online commerce.

Consider, for example, luxury brands establishing marketplaces for high-end goods like handbags and watches, or specialized car marketplaces focusing on specific vehicle types.

Future Development Plans

According to co-founder and CEO Nick Fulton, the company’s streamlined escrow checkout is rapidly enabling established brands to become 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,” Fulton stated.