Income&, a San Francisco, CA-based marketplace investing platform, raised $2.9m in seed funding.
Backers included iSeed Ventures and Jeffrey Lyons.
Led by CEO Brad Walker, President and CFO Benjamin Strub, CTO Vincent Phillips, and CMO Keith Meyer, Income& has launched PRIMO™, a low-risk, superior-yielding fixed income product backed by prime-rated mortgages. On Income&’s peer-to-peer marketplace, investors will be able to customize and directly purchase a diversified and fully transparent portfolio of PRIMOs™.
The advisory board include Colin Walsh, the former Chairman of the UK Council of Mortgage Lenders, and Mike Norris, the former Vice President of Investor Services for LendingClub, the marketplace lending giant.
The company will use the funds to launch the service. PRIMOs™ will be available in early 2016 for purchase by accredited investors who have registered on the Income& platform.