SymblePay provides an escrow service that integrates payments with shipment tracking for secure online transactions. This ensures both buyers and sellers are protected until the goods are received and approved, reducing the risk of fraud.
Funding
Funding not disclosed
Founders
Product
Problem
Online marketplaces and direct transactions between individuals carry inherent risks of fraud, including non-payment for goods sold or non-delivery of purchased items. Traditional payment methods often lack sufficient protection for both buyers and sellers, especially in scenarios involving used goods or transactions between unfamiliar parties.
Solution
SymblePay provides a secure escrow service that protects both buyers and sellers in online transactions by holding funds until the agreed-upon conditions are met. For individual consumers, SymblePay offers a mobile application that requires user verification via MitID and integrates with Vipps MobilePay for payments. For businesses and online marketplaces, SymblePay offers a module that can be integrated into existing platforms, providing a secure transaction environment with features like user verification, insured shipments via Tryg, and dispute resolution. The platform ensures that sellers receive payment only after the buyer has received and approved the goods, while buyers are protected against non-delivery or misrepresented items.
Target Audience
SymblePay targets individual consumers buying and selling goods online, as well as online marketplaces and businesses seeking to provide secure transaction environments for their users.
Features
- Secure escrow account to hold funds during the transaction
- User verification via MitID to ensure the identity of both parties
- Integration with MobilePay and open banking for payments
- Mobile app for individual consumers (available on iOS and Android)
- Marketplace module for integration into existing online platforms via API
- Real-time transaction tracking and reporting via a business portal
- Insurance coverage for shipments through Tryg
- KYC and anti-money laundering (AML) monitoring
- Customer support services