Disruptive fintech firm to embark on growth after £2m funding deal

Nivo founders, from left: Mat Elliott, Justin Crow, Tim Tennant, Mike Common

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 claim 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 is 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 in excess of 30,000 consumers.

Nivo chief executive Mike Common said: “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 London-based investment banking firm GP Bullhound, sai: “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 Sheffield-based venture capital specialist 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 chief executive 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 mobile games company Playdemic, and Rodney Baker-Bates, chairman of the Willis Group.

Close