A Better Escrow Service for Freelancers
Freelancer.com, a popular job marketplace for (you guessed it) freelancers, announced that it has agreed to acquire online escrow service Escrow.com.
Escrow.com, which was founded in 1999 by Fidelity National Financial, third party that collects, holds and disburses funds according to buyer and seller instructions. Escrow services provided by the company are licensed and regulated. The platform is currently used by commercial partners including eBay, GoDaddy, AutoTrader.com, and Flippa.com.
Freelancer.com chief executive Matt Barrie indicated the acquisition will allow Freelancer.com’s users (all 15 million of them) to make more secure payments, providing a "strong cornerstone for entering the payments space.”
Freelancer already has an escrow service dubbed Milestone payments which holds funds from eployers until release to a freelancer following the completion of a service or a dispute resolution.
Escrow.com acquired Agreed.com, another online escrow service, back in September 2014. Its gross payment volume in 2014 was $265 million and the company has processed over $2.2 billion in transactions.