Nivo, the Manchester-based instant messaging and identity verification platform, has announced the close of a £2m funding round from GP Bullhound, the Angel CoFund and a syndicate of angel investors.
This funding will be used to accelerate growth and product innovation, cementing Nivo’s position as the fastest, safest way for financial services companies to sign up and service their customers.
Nivo’s secure instant messaging network includes advanced data protection features, so brands in regulated industries can connect with customers, verify identities, gather personal information and complete transactions much more easily using mobile technology. Launched in late 2018 as an early stage spin out from Barclays Bank, Nivo’s are already working with large banks, lending brokers, lenders, credit unions and professional services companies who use the platform to significantly improve customer sign ups and service efficiency.
Since launch, Nivo has enabled more than £20m of loans to be written by financial services organisations using its platform and has engaged with over 30,000 consumers.
Nivo CEO Mike Common comments: “Our mission is to make it easier for consumers to connect with service providers in regulated industries like Financial Services. Our clients are using Nivo to deliver simpler mobile experiences, which reduce effort and empower customers. This means everyone saves time, costs go down and satisfaction goes up.”
He added, “We’re making the latest and best financial technologies available to anyone. For service providers, it’s free to get started, with no technical effort required, then a simple monthly subscription.
Hugh Campbell, Managing Partner of GP Bullhound added: “Manchester is a growing hub for disruptive and world-leading FinTech firms, and we’re delighted to be putting our support behind one of its leading lights. The strength of advocacy and results from its existing client base impressed us right from the beginning, with the Nivo team developing an unparalleled product offering that is disrupting the financial services industry.”
Tim Mills, Managing Partner of the Angel CoFund said: “The Nivo team has achieved a great deal in a very short period of time, and solves a very real problem for enterprises needing to transact a wide range of services online. The strength of the product has led to early adoption by a broad range of well-known financial institutions. The team knows this industry very well and has built a fantastic group of supporters and advisors around them. We’re happy to be joining that group and look forward to seeing the product go from strength to strength.”
The funding also includes some of the UK’s leading technology entrepreneurs including Elizabeth Gooch, founder and CEO of process optimisation technology firm EG Solutions who will be joining the Board. Other investors include Scott Fletcher, founder and chairman of cloud computing group ANS, Paul Gouge and Alex Rigby, founders of leading mobile games company Playdemic, and Rodney Baker-Bates, Chairman of the Willis Group.
Nivo allows any provider in a regulated industry to join its network in minutes, with no upfront cost or technical expertise - allowing any brand to offer a high-quality digital experience that would normally cost millions of pounds.
The platform offers features including Onfido identification verification checks, the ability to securely send and receive files and photos, open banking, and electronic signatures - all delivered via instant messaging.
In addition to its unique position as the go-to instant messaging platform for banks, Nivo offers the most flexibility to enable e2e customer sign ups, and delivers unparalleled ease of set up and a simple monthly subscription. Clients have confirmed that sign up processes previously taking six weeks have been reduced to 15 minutes through Nivo’s platform.
Nivo joins existing GP Bullhound portfolio companies, including Slack, Partnerize and Unity Technologies on its list of fast-growing technology businesses.