Tallinn-headquartered Fintech firm Income has finalized a seed round led by Tolaram Fintech, which is part of Tolaram, a Singapore-based enterprise with key investments in consumer products, Fintech solutions, as well as infrastructure and more than $1.2 billion in annual revenues.
Estonia‘s Income says that it intends to secure a total of €1.3 million of fresh equity as part of this round, and will be using the funds to recruit new talent, and continue its product development efforts which are focused on the retail investor marketplace. Additionally, the company plans to further enhance its institutional investor onboarding capabilities.
Income serves as a marketplace for making investments in various loans, with a focus on investor security. Income says that it aims to disrupt the marketplace investing and private debt sector by leveraging appropriate technology, the latest data analytics tools, as well as relevant security structures previously offered only to major institutional investors.
Income was launched last year and has secured €1 million in capital from several angel investors, as part of a pre-seed round, in order to establish its business and further develop its line of products and services.
Since launching its operations, Income has managed to reach recurring revenue and has also gained traction with retail and institutional investors, who have reportedly invested more than 2 million euros via the platform.
Income ’CEO Kimmo Rytkönen stated:
“Investing in loans as an asset class is growing at a record pace globally, and we see increased demand from both retail and institutional investors. At the same time, there is almost an unlimited need for liquidity among fintech lenders, especially in emerging markets, enabling access to credit where it was previously missing. We are well positioned to benefit from these trends, and we see marketplace data transparency and the innovative use of technology to be the future of marketplace investing.”
Kimmo added:
“Our goal is to become one of the largest and best recognized marketplaces for investing in loans globally. We are very pleased to welcome Tolaram Fintech, with their extensive experience in emerging markets and fintech, as the lead investor in our seed round.
Navin Nahata, MD, Fintech and Infrastructure at Tolaram, remarked:
“We are pleased to have the opportunity to invest in the growth of Income, as we believe that it has a unique business model that is centred around investor protection. Furthermore, Income’s innovative offering is closely aligned with our own fintech ambitions to enable access to credit in emerging markets, and we look forward to cultivating a strong partnership in this respect.”