Pandascrow, a Nigerian fintech startup, has unveiled a platform for payments solutions based on escrow technology to aid African businesses in expanding, from start-ups to market leaders in the commerce sector and beyond.
Pandascrow was founded in response to the CEO, Precious Tom, and a number of other core team members’ traumatic experiences, which began as early as 2018 and were later confirmed by other surveys to be far from exceptional.
Soon after, work on the startup started, and in February 2021 it launched in private beta before going public in February 2022. Since its official public launch in May, it has executed transactions totaling more than $100,000 USD. Tom acknowledged that Pandascrow has rivals but predicted success because of the caliber of its offerings.
“I am aware that we have competitors who provide the same escrow service. But here’s the point, he said: “They frequently discuss the white label, API integration, dispute resolution, and blockchains.
“None of these things are what we want to do. In order to tackle the real issue—security, extreme usability, affordability, insurance, efficiency, reputation, mobility, emotional appeal, and finally privacy—we want to get past all of this. What Pandascrow stands for is this.
The startup, which generates revenue by charging a portion of each transaction, recently introduced both a payment checkout platform and an API to enable online businesses to use its solution to construct their products.
It has worked with a few other Nigerian businesses, including Dojah and Fincra, to increase payment choices and ensure easy user Verification.
Self-funded up until this point, it is now considering pre-seed capital to expand operations.
Going ahead, we’ll continue to put in a lot of effort to establish ourselves as the escrow firm in Nigeria for Africans, not simply an escrow company in Nigeria for Africans, Tom added.
“While we now serve the Nigerian market, we have procedures in place to accept payments from other countries. We intend to expand into other African nations in the future months, including South Africa, Kenya, Rwanda, and Ghana.