BancBox Crowd, what is — as far
as we can tell — the first independent escrow service aimed at crowdfunding
portals that operate on equity, debt or revenue share models.
The company is also announcing partnerships with crowd
investing services 99Funding, SoMoLend and Localstake.
BancBox Crowd claims to be the only solution on the
market that provides online investment portals with an automated escrow
solution that can replace the manual paper escrow process. They also say it is
compliant with FINCEN, FINRA and SEC requirements.
In essence it means being able to create independent
escrow accounts for each crowd-backed project, collect funds from those many
investors, and either safely return funds if the project doesn’t work out, or
disburse those funds when the project, whatever it is, reaches its funding
goal.
Goyle says: “We want to have the payment part of the
experience of an investor to be a sticky experience so we make it as easy as
possible to pay and go through the process.” He says the business model is
based on a set transaction fee to the platform partner.
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