Home FinTech Escrow as a service platform NCOME secures US$ 492k funding

Escrow as a service platform NCOME secures US$ 492k funding

Escrow as a service platform NCOME secures US$ 492k funding
Escrow as a service platform NCOME secures US$ 492k funding

NCOME, a New Delhi, India based escrow-as-a-service enterprise raised a pre-seed investment of around US$ 492k on 29th December 2020. The funding round was led by the one of leading Indian startup incubator Venture Catalysts and the venture capital fund PointOne Capital.

The idea-phase accelerator fund and the first accelerator VC of India, 9Unicorns also participated in the funding round, with angel investment company LetsVenture with few other investors. 

Archana Priyadarshini, the General Partner of PointOne Capital said, “We believe that NCOME will democratize the escrow service, and it is quite needed for the gig economy and marketplace rise as well. It will accompanied in a new time of safe transactions for both parties, the buyers and sellers,”

The Co-founder and President of Venture Catalysts, and 9Unicorns, Dr Apoorv Ranjan Sharma added, “Fintech is one of the promising and amazing sectors in India and it plays a huge role in keeping the economy moving in the COVID-19 scenario. NCOME is representing the next level of the exponential growth trajectory of companies and is addressing a big market white space by offering their unique service,” 

Founded in 2020, the startup NCOME provides individual customers and several companies with the digital escrow service. NCOME leverages the cutting-edge technology for streamlining conventional processes using the digital KYCs and escrow accounts. With a hassle free account management suite, it helps their consumers in the management of their online escrow accounts in the easiest way possible. 

Vineet K Singh the Co-founder of NCOME said, “Escrow-as-a-service is a massive and under-served field and we feel lucky to be among the first ones moving in this way. Our initial traction is quite outstanding and industry-agnostic and it clearly describes our mission that we are solving a huge problem and a profitable business can be involved in doing so.”

Vineet Singh has been involved in developing many million dollar businesses across diverse domains like real estate, payments, ecommerce, matrimony, travel and jobs. A few names in this list include Naukri.com, MobiKwik, NaukriGulf, Buildzar, Naukri FastForward, Jeevansathi.com, 99acres.com and a few others. 

Also, the co-founder of the startup, Ritesh Tiwari has 10 plus years of expertise and experience to build innovative neobanking, digital payments, investment banking and prepaid cards products. He has worked with global companies like Ensygnia, JP Morgan Chase, Omnio and Barclays. Also, in 2019, the UK government selected him under the scheme, Exceptional Talent Visa for the fintech vertical and he was a part of the fintech delegation of the UK government to India.  Presently, Vineet Singh and Ritesh Tiwari are serving as the CEO and CPO of NCOME respectively. 

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