Odd that in 23 years of existence Escrow never thought to do it....

Odd that in 23 years of existence Escrow never thought to do it. I suspect it's heavily regulated in favor of incumbents. If it gets deregulated margins will go very low. Escrow seems to be good at expanding GMV but maybe not making much money.

They've bounced around between about $5M to $8.2M in their time with FLN. Total segment profits maybe about $400K, which is maybe not a staggering return for a company bought for $7.7M several years ago. Even on the most generous interpretation (i.e. ignoring the early China-domain-names revenues and last year's shocking result and sticking to 2017-2020) Escrow is a single-digit revenue growth segment.

Not terrible, but I scratch my head at the idea that Escrow is somehow a rocket ship that could be IPO'd.

I still think FLN should be put the money and energy they put into Escrow and Freightlancer into actually succeeding in their core business. The period where FLN can clean out dangerous rivals coming up from behind is over now. So we're seeing Toptal and LinkedIn Marketplace coming in to maybe sit in #3 and #4 spot.