Australian fintech brand Escrow has won the Torch Award for Ethics from the Better Business Bureau in the United States.
Escrow, which acts as a trusted middle man for money transfers between two parties, was founded by Fidelity in 1999 but is now a subsidiary of Australian startup Freelancer.
“It’s phenomenal recognition for the biggest fintech company in Australia that nobody’s heard of, even though over US$3 billion in payments have gone through the business to date,” said Freelancer founder and chief executive Matt Barrie.
The company won the award for the “San Francisco, Silicon Valley and the wider Bay Area” region, and will compete for the 2017 International Torch Awards for Ethics, which will be awarded in July. The BBB judges the nominees on criteria such as “industry leadership, communication, performance management and commitment to the community”.
“Torch Awards winners demonstrate the highest ethical standards of trust toward customers, employees and the communities in which they do business,” said Lori Wilson, BBB president and chief executive for the Bay Area.
Users use Escrow to transfer money for sales of everything from cars to contracted services, according to the company, which compares itself to Paypal but without the chargebacks that can occur from disputes.
“Escrow.com provides the most secure form of online payments in the world today. This recognition from the BBB is recognition of the quality and standard of service that we offer,” said Escrow general manager Jackson Elsegood.