Income& Gets $2.9 Million in Funding

Fintech startup Income&, an online investment platform, announced it had collected $2.9 million in seed funding and committed capital.

Among the participants in the Funding Round of the San Francisco-based firm were iSeed Ventures as well as a number of high-profile individuals from the financial industry.

On its platform, Income& will market its investment product PRIMO, a low-risk, high-yield instrument backed by prime mortgages, the company said, that clients could customize according to individual preferences. The yield level it will be targeting is up to 7.5 per cent.

Prime mortgages only

Commenting on the news, Chief Executive Officer Brad Walker said: "We founded Income& to solve two problems: the lack of investments for baby boomers to support a comfortable retirement, and the absence of transparency in the mortgage market which in part led to the 'Great Recession'. Income& works with established, name-brand mortgage lenders to onboard high-yield, safe, prime-rated loans to the PRIMO marketplace, which are further reviewed and rated for an added measure of clarity. The technology Income& has developed gives investors unprecedented transparency, control and access to their customized portfolio of PRIMOs.”

Income& seems set on filling a gap that exists in the fixed-income investment segment at the moment, with either yields of products too low or risks unacceptably high. The firm has focused on finding the middle ground, with a more acceptable level of risk and attractive yields.

Initially, the PRIMOs will only be available for accredited investors or their Registered Investment Advisors.