NCOME raises around US$490,000 in a pre-seed funding round led by startup incubator and accelerator, Venture Catalysts, and venture capital fund, PointOne Capital.
Apoorv Ranjan Sharma, Co-Founder and President, Venture Catalysts, and 9Unicorns (which also participated in the round) said:
“NCOME represents the next phase of the industry’s exponential growth trajectory and is addressing a massive market white space with its unique service offering.”
NCOME, having launched this year, is an escrow-as-a-service platform that offers its clients a digital escrow service that seamlessly integrates innovative technology together to streamline what is traditionally a conventional process. The startup was developed by two veterans within the fintech and proptech sectors, Vineet K Singh and Ritesh Tiwari. Singh has launched a number of successful businesses within the last two decades and Tiwari has worked with global organizations such as Omnio, Ensygnia, Barclays, and JP Morgan Chase.
Vineet K Singh, Co-founder, NCOME, explained:
“Escrow-as-a-service is a huge, under-served opportunity and we feel privileged to be among the first movers in this space. Our initial traction is outstanding and more importantly industry-agnostic and it vindicates our belief that we are solving a large problem and a large, profitable business can be built in doing so.”
On its participation in the funding round, Archana Priyadarshini, General Partner, PointOne Capital, said:
“We believe NCOME will be democratizing the escrow service, which is very much needed for the gig economy and rise of marketplaces. It will usher in a new era of secure transactions for both buyers and sellers.”