Earlier this year, CashSentinel launched its mobile payment escrow service to the public in Switzerland. The startup aims to create a safe environment for two private parties to buy and sell used vehicles (check out our in-depth review of the platform).
The startup announced today it closed a seed round of an undisclosed amount. Investors include Business Angels Switzerland (BAS), GoBeyond, and other angel investors. Since it was founded in 2012, CashSentinel has received a total of $650,000 in seed funding and grants. Today’s seed round brings the company’s total funding somewhere north of that figure.
Pictured: CashSentinel CEO, Sylvain Bertolus, with client
In January, the fintech company made its service available on the website AutoScout24, an online European marketplace for used vehicles. Since then, CashSentinel has seen a steady increase in transactions and recently exceeded $1 million (1 million CHF) processed on its platform.
CashSentinel expects its growth to burgeon in the future, as more than 500,000 used vehicles trade hands every year in Switzerland alone. The startup plans to expand into the greater European market later this year.
CashSentinel debuted at FinovateEurope 2015 in London. The company holds partnerships with Swissquote Bank and AutoScout24.