State of Financial Crime 2023 Report

ComplyLaunch Customer Spotlight: trustshare

Marketplaces and digital ecosystems will mediate 30% of global economic activity ($60 trillion) by 2025 according to research from McKinsey. And, with e-commerce losses to online payment fraud expected to grow by 14% in 2021, reaching a total of $20 billion globally, marketplaces are increasingly handling more responsibility in the transaction. 

With this fraud typology on the rise, escrow – where a third party receives and then disburses assets on behalf of the transacting parties when certain conditions are met – is a solution that fintech startup trustshare is facilitating with its easy-to-integrate digital escrow platform for marketplaces. 

We caught up with co-founder and CEO, Nick Fulton, to learn more about the startup and the journey trustshare has taken so far.

Introducing trustshare 

“At trustshare, we offer embedded fintech solutions to marketplaces, providing a complete fintech layer across payments, escrow, banking, and credit. Our mission is to make fintech simple for marketplaces,” says Fulton. 

“We launched in 2020 with a very easy-to-integrate escrow product because we were seeing a lot of customers and marketplaces that wanted to offer escrow payments and it’s quite difficult to build out that solution itself. Now we’re expanding and launching additional our API to unlock payments, credit, banking, and escrow.”

Unlike traditional payment providers, they can move money from buyer to seller in under 15 seconds and don’t require sellers to register and verify before they accept their first payment. Marketplaces can collect money by checkout, payment link, or generate dedicated accounts for invoice/recurring payments and even hook up financing and credit options to add value through the transaction.

Meeting marketplace needs

The transformation currently underway for online marketplaces across the globe is unparalleled, shares Fulton. “Getting closer to the transaction” is what marketplaces want, but such a move requires tech-enabled financial services to be built directly into the platforms themselves.  

“Frankly, it’s very hard for marketplaces to navigate this process of becoming fintech-enabled […] and, prior to trustshare, there wasn’t really a good solution out there to solve their evolving needs. […] So, in its essence, trustshare is here to offer one simple API to solve marketplace needs and make a very real difference in their business.”

Only as good as our people

“What I love the most about building trustshare is the team we’ve grown,” continues Fulton. “It’s a fantastic place to work and the speed of new ideas that the team share, build, and adopt is phenomenal!”

What’s next for trustshare?

“We are very shortly launching our API, which covers escrow, banking, and payments, and we are also looking to integrate a credit infrastructure for marketplaces,” explains Fulton. “This would be for both businesses and consumers, which is a really interesting space for us to be working in.

“Whilst we do work across the board, we typically work with high-value transactions because credit and high value tend to work really well in conjunction with one another.

“[…] By ‘high-value transactions’, I mean occasions such as buying a car on Gumtree from a private seller through dealer finance, or going on a tradespeople directory to book a builder and paying in installments. […] With our new credit infrastructure, we will be unlocking quite a lot of new value because individual private sellers can’t get access to dealer finance and individual builders, for example, don’t have the track record to get a credit process into their checkouts. 

“[..] Our aim is to work with large players who get a lot of demand in particular markets and then offer the solutions to customers in a way that’s seamless and easy to use for the marketplace as well as the end customer. 

“These are the kind of opportunities we will be working on during the first half of 2022.”

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Originally published April 27, 2022, updated August 2, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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