By Nesh Pillay

Freelancer.com has paid $7.5m in cash to acquire Escrow.com.

Escrow.com works with e-commerce sites by holding onto payments for services until an exchange has been fully completed. Previously it has counted brands including GoDaddy, AutoTrader, and eBay among its customers.

The acquisition is part of Freelancer.com’s effort to make payments between its 15 million users more secure and timely.

“It’s a strong cornerstone for entering the payments space,” said Freelancer.com’s chief executive Matt Barrie.

Its current escrow service, Milestone Payments, has received multiple complaints from users, mostly regarding its lack of protection and slow timing.

To date, Escrow.com has successfully processed $2.2bn in transactions.

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Source: The Drum