Strong finish to the year helped Escrow.com set a record for gross payment volume. And it wasn’t just from domain names.
A strong finish to the year helped Escrow.com set a record for gross payment volume in 2020. The company recorded US $486.1m in gross payment volume last year, up 15.2% year over year.
The company says the last four months of the year were particularly strong. Q4 2020 was 56.2% higher than Q4 2019 with a record US $156.6 million in transactions.
It’s not just domain names that are propelling the escrow service forward. Gross payment volume for motor vehicle transactions was up 285% for the year.
And even in Q2, when domain name volume fell off a cliff, Escrow.com was able to fill most of the hole with transactions for personal protective equipment and IPV4 addresses.
Domain and website transactions totaled US $312 million for the year according to data in the company’s quarterly domain index reports. That makes up 64% of Escrow.com’s total gross payment volume last year.
Escrow.com is part of publicly traded Freelancer.com (ASX: FLN). Its Freelancer division also posted a record last year. Combined, the company handled US $618.5 million gross payment volume in 2020.