Pandascrow Launches Escrow Payments Solution
The Nigerian fintech startup has processed over US$100,000 in transactions since its inception.
Pandascrow has launched a payments solutions platform built on escrow technology to help African businesses grow from new startups to market leaders in the commerce industry and beyond.
Pandascrow was born out of the painful experiences of CEO Precious Tom. Then several other core team members, as far back as 2018, with further surveys, confirmed their negative experiences were far from unique.
Development began shortly after that, with the startup launching in private beta in February 2021 before public beta in February 2022. It went fully public in May and has processed over US$100,000 in transactions since then. Tom said he is aware Pandascrow has competitors but planned to succeed due to the quality of its service.
“I’m not ignorant that we’ve got competitors who offer the same escrow service. They talk about the white label, API integration, dispute resolution, and blockchains a lot, but here’s the thing,” Tom said.
“We don’t want to do all of these things. What we want to do is leap ahead of all this and solve the actual problem, which is security, super ease of use, affordability, insurance, efficiency, reputation, mobility, emotional appeal, and finally, privacy. This is what Pandascrow stands for.”
The startup monetizes via percentage fees on transactions and recently launched its API to allow online businesses to leverage its solution to build their product. It also launched a payment checkout platform. It has partnered with fellow Nigerian startups – Dojah, to ensure seamless user KYC and Fincra to expand payment options.
“Looking forward, we will keep working hard to position ourselves not just as an escrow company in Nigeria for Africa, but the escrow company in Nigeria for Africans,” Tom said.
“We currently operate in the Nigerian market, but we’ve got systems in place to accept international payments. In the coming months, we plan on entering more African countries such as South Africa, Kenya, Rwanda, and Ghana.”