Freelancer Ltd (ASX: FLN) amongst other revenue streams boasts the 'world's largest freelancing and crowdsourcing marketplace'. Within the group the company also has an online domain marketplace for buying and selling domain names, an online hub to support start-up businesses and a payment services arm.
It has been a difficult year for the company only seeing a 52-week low of 44 cents last week, after releasing disappointing financial results for the most recent quarter. One of the key reasons for this result was the below anticipated performance of the recently acquired US based Escrow.com business.
Since the company was acquired there has been little information available regarding any progress and intentions to further integrate its services within the group.
Today the company released an investor presentation outlining the details for an open Application Interface (API) allowing any online businesses that manage transactions to integrate escrow payment services within their online marketplace.
This is a promising step in the right direction as online escrow services are seeing greater demand due to the increased amount of high-value transactions that are occurring online.
