Freelancer.com, the online job marketplace, has made its way into payments as the company announced Monday (April 27) that it had acquired the payment services provider Escrow.com for $7.5 million.
Freelancer.com’s purchase into the payments world will allow the crowdsourcing marketplace to accelerate its move into the eCommerce space. The provider of secure online payments and online transaction management for consumers and businesses had a gross payment volume of $265 million and net revenue of $5 million in 2014. The California-based company provides online escrow services that facilitates and accelerates eCommerce.
“We are pleased to acquire Escrow.com, the world’s largest online escrow company,” said Freelancer.com CEO Matt Barrie. “This highly complementary acquisition will enhance the ability of our 15 million users to transact securely, and there are large opportunities for growth and synergies with core offerings. Finally, it is a strong cornerstone for entering the payments space.”
According to the news release on the acquisition, Escrow.com reduces the chances for risk by serving as a third party to collect, hold and disperse funds. Current partners of the company include eBay, GoDaddy.com, AutoTrader.com and Flippa.com. Escrow.com is also a strategic partner with the U.S. Commercial Service, which is part of President Barack Obama’s National Export Initiative to help grow U.S. export volume.
“We are excited to be joining the Freelancer.com group. Freelancer’s expertise in marketplaces, combined with our expertise in secure online payments are an excellent strategic fit.”