Maven million to power Nivo
Manchester-based FinTech company Nivo Solutions has secured a £1 million investment from the Northern Powerhouse Investment Fund, to build new products and to fund the recruitment of a sales director to accelerate the business’ growth.
Managed by Maven fund managers, the investment comes alongside Barclays Bank, who supported the round with additional investment.
The technology works by allowing financial services businesses, their customers, and partners to gather data, documentation, evidence, and approvals in a quicker, secure and more efficient manner. Nivo reduces the reliance on inconvenient channels like paper post, phones, emails and in-person communication.
The Manchester-based business was founded by Michael Common and Matthew Elliott who both worked at Barclays and the business was a product of the Barclays 2017 accelerator programme.
Customers include credit unions, banks, building societies, alternative lenders, and brokers performing over 1000 new downloads each day, connecting customers to financial services businesses. Over 50,000 people use the platform every month.
James Rosthorn, investment director at Maven, said: “Maven invests in many innovative businesses within the FinTech industry, and this business is a great addition to our portfolio in the North West.”
Michael Common, chief executive at Nivo Solutions said: “We are really pleased to be able to attract investors of the pedigree of Maven and Barclays into Nivo. We look forward to working with them, and to continue to build a leading Manchester technology company that continues to eliminate the paper, email and phone based processes that we’ve all had to endure when dealing with the financial sector and other service industries.”
Advisors to the deal were Ryan Brown from Browne Jacobson (legal), Bruce Douglas from Confidas People (management DD) and David Roberts from PriceRoberts (Tech DD). Management advisors were Weightmans and legal advisors for Barclays Bank was Norton Rose Fulbright.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.