A disruptive FinTech start-up offering a secure instant messaging platform has raised £2m in funding.

Nivo is Barclays' first technology spin-out and is the only instant messaging network that banks can trust for sensitive and transactional conversations.

The platform is designed to prevent people from ever having to phone service providers such as banks, lenders, insurance firms, utilities, telecoms and healthcare providers.

Processes previously taking six weeks have been reduced to 15 minutes through Nivo’s platform.

Based in Manchester, Nivo has closed a £2m funding round from GP Bullhound, the Angel CoFund and a syndicate of angel investors.

The big name investors include Elizabeth Gooch, founder and CEO of process optimisation technology firm EG Solutions who will be joining the board. Other investors include Paul Gouge and Alex Rigby, founders of leading mobile games company Playdemic, Rodney Baker-Bates, Chairman of the Willis Group and tech entrepreneur Scott Fletcher.

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.

Nivo’s technology is addressing the problem that 80 per cent of customers who apply for a financial services product, end up dropping out.

Nivo

Since launch, Nivo has enabled more than £20m of loans to be written by financial services organisations using its platform and has engaged with over 30,000 consumers.

GP Bullhound’s managing partner Hugh Campbell said:  “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.”

Nivo CEO 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.

“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.”

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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.

One of the founders of Nivo is Matthew Elliott, the former head of Barclays Rise in Manchester. He now heads up Nivo’ s business development arm.

Tim Tennant, Nivo CTO, said: “We've engineered a secure messaging platform using best of breed technologies. Our team of expert developers are continually innovating to evolve the solution to deliver the best possible experience, and we’re looking forward to growing the team.” 

Tim Mills, managing partner of the 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.”

Nivo allows any provider in a regulated industry to join its network in minutes, with no upfront cost or technical expertise – allowing any brand to offer a high-quality digital experience that would normally cost millions of pounds.

The platform offers features including Onfido identification verification checks, the ability to securely send and receive files and photos, open banking, and electronic signatures – all delivered via instant messaging.  

Nivo joins existing GP Bullhound portfolio companies, including Slack, Partnerize and Unity Technologies on its list of fast-growing technology businesses.

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