Estonian Startup Income Announces Funding Round with Tolaram Fintech as Lead Investor

SINGAPORE – Media
OutReach – 6 August 2021 – Tallinn based fintech startup
Income has launched a seed funding round by signing lead investor Tolaram
Fintech, part of Tolaram, a Singapore-based enterprise with investments in
consumer products, fintech, and infrastructure and over USD 1.2 billion in
annual revenues.

Income
plans to raise a total of €1.3 million of fresh equity during this round. It
will use the proceeds to make key hires, continue product development of its
retail investor marketplace, and further develop its institutional investor
onboarding capabilities.

Income
is a marketplace for investing in loans, with a strong focus on investor
security. Income is disrupting the marketplace investing and private debt
industry by using technology, advanced data analytics, and security structures
previously reserved for large institutional investors.

Income
was founded in 2020 and raised €1 million from angel investors in a pre-seed
round to launch the business and develop its product. Since the launch, Income
has reached recurring revenue and gained early traction with retail and
institutional investors, who have already invested over two million euros
through the platform at www.getincome.com.

According
to Income’s CEO Kimmo Rytkönen, “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 as the future of marketplace
investing. Our goal is to become one of the largest and best-recognised 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.”

“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 centres around investor
protection. Furthermore, Income’s innovative offering is closely aligned with
our fintech ambitions to enable access to credit in emerging markets, and we
look forward to cultivating a strong partnership in this respect,” added Navin
Nahata, Managing Director, Fintech, and Infrastructure, Tolaram.