Escrow-as-a-Service Startup Raises US$490k in Pre-Seed Funding Round

December 29, 2020
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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.”

December 29, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

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