TradeSafe Escrow, an online payment holding company, has reportedly received an investment from South African financial institution Standard Bank.
Following the close of the deal, Standard Bank has acquired a 35% stake in the FinTech, according to several reports in the media.
As part of the deal, Standard Bank has added two non-executive directors to TradeSafe’s board of directors. Additionally, it has management oversight on the TradeSafe account and will be involved with the payment processes, the article state.
This will mean the bank can act as a second release payment function so TradeSafe can support transactions larger than R25m ($1.4m).
The Trade Escrow platform works by holding onto a buyer’s money until the seller has delivered what they have promised. Upon arrival, the seller will be given the money.
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