Nivo Solutions, a Manchester-based fintech startup founded by former Barclays' executives, has secured a £1 million investment from Maven Equity Finance, with support from the Northern Powerhouse Investment Fund and Barclays Bank.
A graduate of Barclays' accelerator programme, Nivo's technology combines secure instant messaging with digital identification and verification. The platform includes task management, e-signing, machine-learning based identity document scanning, facial recognition, document collection, open banking and no-code automation capabilities.
The Manchester-based business was founded by former Barclays' executives Michael Common, CEO, and Matthew Elliott, CCO.
Says Common: “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.”
Nivo counts a large proportion of the UK Credit Union market and many of the UK’s banks, building societies, alternative lenders, and brokers amongst its clients. The service secures 1000 new downloads each day, connecting customers to financial services businesses.
Common says the investment will aid Nivo in building its product, marketing, and sales team.
Gavin Chapman, managing director, Principal Investments at Barclays says: “We are pleased to continue our support for Nivo, who have demonstrated strong traction since graduating from our 2017 accelerator program. Nivo have 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.”