Accruit, LLC, a financial technology company specializing in escrow and 1031 exchange services, has acquired PaySAFE Escrow, including its PaySAFE® web-based transactional technology that allows buyers and sellers to safely complete online purchases. PaySAFE’s settlement service partners with auction houses, online marketplaces and classified websites to ensure that customer transactions are securely settled.
According to Accruit President and COO Karen Kemerling, the acquisition of PaySAFE’s technology aligns with Accruit’s goal of expanding its financial technology services. “The evolution of our FinTech product strategy parallels the demand from customers for online services. PaySAFE’s diverse digital partnerships and online services enable us to meet this demand.”
Matthew Medlock, PaySAFE Escrow’s former president and founder, joins Accruit as a vice president of business development and will work closely with Accruit CEO, Brent Abrahm, to lead the growth of the online escrow platform.
“The acquisition by Accruit supports PaySAFE’s goals to expand reach and deepen the functionality of the platform,” said Medlock. “Accruit has outlined further development which includes evolving the PaySAFE® user interface, developing mobile applications and enhancing API functionality for integration with additional online marketplaces.”