Castler, a fintech SaaS startup, is revolutionizing the escrow industry with its cloud-based Escrow as a Service (EaaS) platform launched in 2021 by Vineet Singh and Dinesh Kumar. The platform simplifies the escrow process, reducing account opening time from 140 days to 14 days using AI/ML, eKYC, and digital agreements. Castler caters to both B2B and B2C sectors, including real estate, logistics, lending, and tenant security deposits. It has partnered with nine leading banks, securing over 5,000 active escrow accounts and processing 5 lakh transactions in November 2023.

“Vineet Singh, Founder and CEO, Castler, highlighted escrow's critical role in enhancing trust, ensuring financial security, and resolving business challenges, especially as India approaches its $5 trillion economy target.”

The company raised $7 million from investors like Venture Catalysts++, Flipkart Ventures, Capital 2B, and IIFL Fintech Fund. Its subscription-based revenue model ensures sustainable growth while targeting 6x revenue growth for FY24. Castler's compliance systems align with PCI DSS standards and SEBI-backed trusteeship requirements, ensuring transaction security and risk management.

“Vineet Singh also emphasized Castler's commitment to maintaining data security and compliance through regular audits in collaboration with PCI DSS and banking partners.”

Despite competition from Razorpay, Cashfree Payments, and others, Castler's niche services, partnerships, and technological innovations position it as a key player in India's rapidly expanding digital escrow market. With India’s B2B payments market poised to grow to $10-11 trillion by FY26 and increasing global adoption of escrow services, Castler aims to enhance its offerings, expand partnerships, and drive long-term growth.

Furthermore, Singh credited Venture Catalysts for validating Castler's credibility and providing access to growth opportunities, which enabled it to secure key partnerships and expand operations.