Investment app Nosso launches child gifting service

By Gloria Methri

Nosso, a UK FinTech providing children’s investment accounts, has launched a new gifting service to ease the setting up of investment accounts this holiday season. The newest service enables extended family and friends to gift an investment account to children before it has been set up.

Nosso attempted to respond to a research which found that 49% of parents and families said their child had no savings or investment accounts set up.

Youssef Darwich, Nosso’s co-founder and CEO said, “Despite parents, family, and friends agreeing that giving money over a physical present to children would be preferable, many still see it as awkward and lacking the personal touch.

“We want to change the perception that gifting ‘cash’ holds less meaning. Our app enables families and friends to gift investments and personalise these with images and messages. With our new gifting service, we are allowing any friends or family to take the initiative and start investing.”

The gifting service can be used by anyone who wants to start building an investment pot for a child’s future. Friends and family can use Nosso’s app or site to send the first contribution, along with a personal message and digital gift card, which they can then share with the child’s parents to activate. Nosso describes the process as straightforward and memorable, overcoming perceptions of giving money as a gift being impersonal or awkward.

The FinTech’s research finds that family members and friends who make some sort of investment or savings on behalf of a child contribute around £1,700 each year. If families were to save this average amount into a Junior Stocks and Shares ISA from the child’s birth, their investment could be worth around £57,000 by the time they reach 18.