Escrow-as-a-service platform NCOME has raised INR 3.6 crore in pre-seed funding round led by startup incubator and accelerator Venture Catalysts and VC fund PointOne Capital. The round also saw participation from idea-phase accelerator fund 9Unicorns, angel investment firm LetsVenture and other angel investors.

Founded in 2019 by Vineet K Singh and Ritesh Tiwari, NCOME renders digital escrow services to enterprise and individual clients. According to company statements Co-Founder Vineet brings to the table experience of having built businesses in domains including payments, real estate, and e-commerce and consumer platforms.

Additionally, Riteshhas more than 10 years of experience in building financial products for companies including Omnio, Ensygnia, Barclays, and JP Morgan Chase. The New Delhi headquartered firm has developed a platform that uses technology to streamline conventional processes through digital know-your-customer (KYC) and account openings.

Speaking about the investment Vineet K Singh, Co-founder, NCOME, said, “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”.

“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,” said Dr Apoorv Ranjan Sharma, Co-founder & President, 9Unicorns.