NCOME, an Escrow-as-a-Service platform, has secured Rs 3.6 crore funding led by Venture Catalysts, 9Unicorns, PointOne Capital and LetsVenture, according to a statement. NCOME offers enterprise and individual customers with fast, secure, and low-cost digital escrow service, the company said in a statement. NCOME leverages technology to streamline conventional processes through online KYCs and digital escrow account openings. With an account management suite, it also enables customers to manage their digital escrow accounts in a convenient manner. “Venture Catalysts…and PointOne Capital have led a pre-seed investment in NCOME, the country’s first Escrow-as-a-Service platform,” the statement said.
The idea-phase accelerator fund, 9Unicorns, also participated in the Rs 3.6 crore funding round, along with angel investment firm LetsVenture and other investors. Apoorv Ranjan Sharma, Co-founder & President Venture Catalysts and 9Unicorns said, 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,” Sharma said.
Commenting on the investment, Vineet K Singh, co-founder of NCOME, said, “We are overwhelmed by the response that we’ve got from investors during these times. Escrow-as-a-Service is a huge, under-served opportunity and we feel privileged to be the amongst the first movers in this space.”