[Funding alert] Escrow-as-a-service platform NCOME raises Rs 3.6 Cr led by Venture Catalysts, PointOne Capital
New Delhi-based escrow-as-a-service platform NCOME has raised pre-seed funding of Rs 3.6 crore led by startup incubator and accelerator Venture Catalysts and VC fund PointOne Capital.
The idea-phase accelerator fund 9Unicorns also participated in the round, along with angel investment firm LetsVenture and other investors.
“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,” said Vineet K Singh, Co-founder, NCOME.
Founded in 2020, NCOME provides enterprise and individual customers with digital escrow service. The startup leverages cutting-edge technology to streamline conventional processes through online KYCs and digital escrow account openings. With an easy-to-use account management suite, it also enables its customers to manage their digital escrow accounts in a hassle-free manner.
“Fintech is one of the most promising and exciting sectors in India and played a major role in keeping the economy ticking during the COVID-19 outbreak. 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,” added Dr Apoorv Ranjan Sharma, Co-founder and President, Venture Catalysts, and 9Unicorns.
Over the last two decades, NCOME’s Co-founder and CEO, Vineet Singh, has built several multi-crore businesses across domains as diverse as payments, real estate, ecommerce, jobs, matrimony, and travel. Some of these include MobiKwik, Buildzar, 99acres.com, Naukri.com, NaukriGulf, Naukri FastForward, and Jeevansathi.com.
On the other hand, Ritesh Tiwari (Co-founder and CPO, NCOME) has more than 10 years of experience in building innovative digital payments, prepaid cards, neobanking, and investment banking products. Having worked with global organisations such as Omnio, Ensygnia, Barclays, and JP Morgan Chase, he was also selected by the UK government under the Exceptional Talent Visa scheme in the fintech vertical and was part of its fintech delegation to India in 2019.
“We believe NCOME will be democratising 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,” said Archana Priyadarshini, General Partner, PointOne Capital.
Edited by Megha Reddy