FinTech Nivo secures £1m funding from Maven and Barclays
By Gloria Methri
Manchester-based FinTech Nivo Solutions has secured a £1 million investment from NPIF Maven Equity Finance alongside a follow-on investment from Barclays Bank. The business was founded by Michael Common, CEO, and Matthew Elliott, CCO, both former executives of Barclays.
The technology platform combines secure instant messaging with digital identification and verification. This allows financial services organisations, their customers, and partners to gather data, documentation, evidence, and approvals in a more efficient and secure way.
The Nivo platform includes task management, e-signing, machine-learning-based identity document scanning, facial recognition, document collection, open banking, and no-code automation capabilities.
It counts many of the UK’s banks, building societies, alternative lenders, and brokers among its clients. Nivo claims that its service secures 1,000 new downloads each day and has grown to more than 50,000 people using its platform every month.
The new investment will aid Nivo in building its product, marketing, customer success, and sales teams, including the addition of a sales director to accelerate the business’ growth.
“We are really pleased to be able to attract investors of the pedigree of Maven and Barclays into Nivo,” said Michael Common, CEO. “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.”
Gavin Chapman, managing director, principal investments at Barclays, added, “We are pleased to continue our support for Nivo, who have demonstrated strong traction since graduating from our 2017 accelerator program. Nivo has developed a niche, yet fundamental innovative solution looking to disrupt the financial services industry. We look forward to working alongside Maven and the management team to scale the business.”
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage