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

December 29, 2020
Share this Post: 

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.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Opt 1
Rightmove Appoints Former Just Eat MD, Matthew Bushby as Its New CMO

British market leader Rightmove has announced the appointment of Matthew Bushby as its new Chief Marketing Officer. Bushby joins the...

Read More
Shutterstock 603344765
Casai Merges with Fellow LatAm Short Term Rentals Specialist Nomah After Job Losses

The Mexican short-term rentals marketplace operator Casai has merged with its Brazilian counterpart Nomah. Existing investors including a16z and Monashees...

Read More
Shutterstock 147091049
REA India Sidesteps Agents with Country's First User Subscription Service - 'Housing Premium'

The REA India-owned real estate portal Housing.com has announced the launch of a new user subscription service that aims to...

Read More
Boligportal
North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as...

Read More

Editor's Pick