Trustmore Technologies: Pioneering A New Era Of Digital Escrow Solutions In India

In the rapidly evolving landscape of financial technology, few companies have managed to stand out as disruptors quite like Trustmore Technologies. Founded in 2015 by Ashwin Chawwla and Subhrangshu Kumar Neogi, Trustmore has emerged as a trailblazer in the digital escrow space, with its flagship brand Escrowpay leading the charge.

As the company approaches a decade since its inception, it continues to push the boundaries of innovation, driven by a vision to create an integrated, tech-led ecosystem of trust, transparency, and simplified financial transactions.

From a Fleeting Thought to a Market Leader
What began as a fleeting thought in 2013 eventually materialised into the formation of Trustmore Technologies in 2015. Fast forward to 2024, and Trustmore stands as a pioneer in digital escrow solutions in India, with ambitions to expand its innovative offerings to other geographies. The company’s journey is a testament to the power of a shared vision and complementary skills, which brought together two industry veterans from diverse backgrounds.

Ashwin Chawwla, the Managing Director of Trustmore, comes from a largely entrepreneurial background. His vision, combined with the extensive leadership experience of Subhrangshu Kumar Neogi, Trustmore’s Executive Director, has been instrumental in the company’s success. The two met in 2017 through a mutual friend, and their partnership was forged out of a shared belief in the potential of digital escrow solutions. This chemistry, coupled with a clear vision, has been the driving force behind Trustmore’s growth.

“We started with the goal of establishing a tech-led ecosystem that fosters trust and transparency in financial transactions,” says Chawwla. “What keeps us going is our commitment to delivering innovative solutions that simplify complex financial processes.”

Differentiating Through Innovation & Customer Centricity
In a crowded market, Trustmore Technologies has distinguished itself through its unique approach to digital escrow services. Escrowpay, India’s first and largest player in this category, is a testament to the company’s ability to build a category from scratch and democratize the concept of escrow-led transactions.

“Even though we operate in the transaction banking and payments space, we see ourselves as an agile, technology-driven solutions provider,” Chawwla explains. “We’ve created a strong managed services layer around our core offering, with customer centricity as a key culture code within our firm.”

Neogi adds, “Our customised, cloud-based integrated operating ecosystem brings together banks, regulated entities, trusteeship companies, and payment gateways. This co-creation model with banks allows us to offer a seamless digital solution for our clients.”

Scaling Up in India & Beyond
Trustmore Technologies is not content with resting on its laurels. The company claims to process transactions in excess of INR 20,000 crores and is industry, payment size, and transaction type agnostic. It has democratised the escrow space by extending the mechanism to diverse use cases, making escrow as a service a reality today.

With a user base targeted to expand to over 150,000 in the next 12 months, Trustmore is poised for significant growth. The company's API calls are estimated to be in excess of 15 Mn, a jump of over 7X over the last couple of years. It has also streamlined its processes, reducing client onboarding time to under 30 minutes and digital escrow account opening to just two minutes. With a transaction processing time of just one hour and average transaction size in excess of Rs 3.5 lac, Trustmore is one of the most agile service providers in the country.  

Looking ahead, Trustmore has global ambitions. The company has been authorised by the GIFT City regulator IFSCA to launch cross-border transactions and is actively engaging with business owners through its curated multi-jurisdictional investments solution, iPrive. This global private wealth and legacy management offering is just one example of how Trustmore is building new solutions inspired by global best practices.

The Future of Digital Escrow Services in India
As the digital escrow industry continues to evolve, Trustmore Technologies is well-positioned to play a leading role. With backing from marquee investors, including leading CXO angels and notable family offices in India and overseas, the company has raised over USD 6.5 million to date.

Trustmore’s commitment to innovation is evident in its development of a holistic community platform, BizSuraksha, designed to address the concerns of MSME business owners. The company’s philosophy is to enable emerging businesses to grow without the anxiety and worry that can impede their progress.

“We are committed to continuing our journey of building innovative solutions that meet the needs of our clients,” says Chawwla. “Our goal is to ensure that digital escrow services become a must-have solution across industries, both in India and globally.”

As Trustmore Technologies enters its second decade, it does so with a clear vision and a strong foundation built on trust, transparency, and innovation. With its pioneering digital escrow solutions, the company is set to revolutionise the way financial transactions are conducted, not just in India, but across the world.

With Chawwla and Neogi at the helm, Trustmore is a company to watch in the years to come, as it continues to push the boundaries of what’s possible in the world of financial technology.