Castler has received IFSCA approval to offer global escrow and cross-border money transfer services. This move will enhance secure and efficient financial transactions crucial for international trade and enable Castler to launch a global platform, leveraging its GIFT City partner bank ecosystem. India boasts more than 24 fintech unicorns and 36 soonicorns, all competing for a slice of the rapidly growing fintech market, which is expected to hit $2.1 trillion by 2030.
IFSCA Nod for Global Expansion
Castler has secured in-principle approval from the International Financial Services Centres Authority (IFSCA) to offer global escrow and cross-border money transfer services. This approval will facilitate secure, efficient, and seamless financial transactions essential for international trade.
Castler Launches Global Platform
The approval allows Castler to launch a global platform, leveraging its partner bank ecosystem at GIFT City to deliver comprehensive escrow and cross-border money transfer solutions.
Industry Impact and Leadership Statement
Vineet Singh, Founder & CEO of Castler, emphasized the significance of this regulatory nod: “This sets a new standard for the industry, fostering trust and reliability in international financial transactions.”
Founded in 2021 by Vineet Singh, Dinesh Kumar, Amit Sinha, and Ritesh Tiwari, Castler provides advanced escrow solutions, handling complex transaction flows, identity verification, fraud management, and customer protection. The company operates on a subscription-based revenue model and serves various industries including logistics, retail, real estate, and fintech.
Global Fintech Market Overview
The global fintech market is experiencing rapid growth, driven by increasing digitalization, regulatory advancements, and consumer demand for convenient financial services. Innovations in digital payments, blockchain technology, and escrow services fuel this growth.
Strategic Partnerships and Funding
Castler partners with 12 leading banks to offer an extensive range of escrow services. The startup has raised $7 million from investors such as Venture Catalysts++, Flipkart Ventures, Capital 2B, IIFL Fintech Fund, Zerodha’s Rainmatter, and 9Unicorns.
Market Position and Future Outlook
Managing over INR 10,000 crore in monthly transactions, Castler positions itself well in the expanding fintech market. As the global fintech sector reaches $11 trillion by 2030, It will drive this growth by offering innovative solutions to businesses and shaping the future of financial transactions.
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