Trustshare is a startup based in London that provides escrow infrastructure to support online classifieds, B2B marketplaces and trade directories. It is a white-label platform which can be integrated with online marketplaces using just a few lines code.
You know how difficult it is to be sure you aren't being scammed if you have ever attempted to sell expensive items online. You should send your phone to the person trying to purchase it. Or ask them to send you the money.
Trustshare is used to pay marketplaces. Buyers must first check out and deposit money into a transaction-based account. Trustshare can handle identity verification, including KYC and AML checks (Know Your Customers and Anti-Money laundering). The seller can verify the status of funds. After the buyer has received their product, the seller can release the funds.
Trustshare generates an IBAN for each transaction. Customers can deposit money via bank transfers and cards. Trustshare uses open banking regulations in Europe and the U.K. to allow users to connect to their bank accounts from the checkout flow.
Trustshare can be used for transactions and sales that take place over email or other messaging apps, but you don't have to modify your site code. To initiate a payment, you can generate QR codes or payment link from Trustshare.
Cazoo founder Alex Chesterman, Carwow founder James Hind and Zoopla founder Zoopla founder Alex Chesterman have all contributed to the angel round. Trustshare was then able to raise a seed round of $3.2 million (2.3 million) from Nauta Capital.
Trustshare could be used by many companies to launch their own marketplaces. Escrow payments are one of the most difficult problems. Imagine luxury brands creating their own marketplaces for handbags and watches. Or, launching new marketplaces that are focused on a particular type of car.
Our five lines of code branded Escrow Checkout are being used in many markets, brands consumers trust and that they can be found on, transactional. This is only the beginning. We have a powerful borderless escrow system and plan to launch new products, including instant pay-throughs, baskets, and projects that make payments as easy as sending an email. CEO Nick Fulton stated in a statement.
Trustshare uses existing payment infrastructure. Trustshare supports over 180 countries and 30 currencies. Bookabuilder, Watchcollecting and the U.K. trade organization FENSAs Deposit Protection Service are among its initial clients.
