Standard Bank has acquired a 35% stake in South African fintech, TradeSafe.
According to, Jethro O’Brien, the CEO TradeSafe, the merger will help curb fraud, scam, & unpaid invoice payments in South African commerce, and the fees that both the online platform and Bank will be charging is less than what a reputable Bank or law firm would charge in a transaction.
“Both TradeSafe and Standard Bank realised the necessity for a fast, secure, and affordable escrow solution in the wake of the increasing volume of scams, fraud and unpaid invoice payments in South African commerce. Our fees come in at a fifth of what a reputable law firm or bank would charge in a transaction.”
“The bank will provide a second release payment function,”
“This means that with our increased governance, security and credibility, TradeSafe will now be able to target commodity and M&A transactions greater than R25 million.”
Also, in a separate statement by Kuben Chetty, Head of Client Solutions at Standard Bank, the country was clamoring for a digital escrow solution due to the level of fraud and scam that buyers and sellers encounter during transactions.
“Standard Bank is very excited with its investment in TradeSafe Escrow and this provides both parties the opportunity to explore ways to leverage each other’s capabilities to help their clients transact securely.”
TradeSafe was founded in 2013 as an online escrow platform that safeguards the buyer’s funds in trust in a transaction involving two or more parties.