Manchester based fintech solution provider, Nivo Solutions Limited has secured a £1m investment from NPIF – Maven Equity Finance, which is managed by Maven and part of the Northern Powerhouse Investment Fund.
The investment comes alongside Barclays Bank, who supported the round with additional investment. The technology platform provides a verified identity messaging solution, which combines secure instant messaging with digital identification and verification.
This allows 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 Nivo technology platform includes task management, e-signing, machine-learning based identity document scanning, facial recognition, document collection, open banking and no-code automation capabilities.
It blends the latest technologies, including leading identity and security technologies, with the world’s communication channel of choice, instant messaging, to ensure the quickest, most effective way for people to do business.
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. It has grown to boast over 50,000 people using its platform every month.
The investment will aid Nivo in building its product, marketing, customer success and sales team, including the addition of a sales director to accelerate the business’ growth. A new Sales Director is a key hire already identified to complement experience and expertise of the senior leadership team.
The Manchester based business was founded by Michael Common, CEO, and Matthew Elliott, CCO. Both Michael and Mat had “extensive” banking experience, most latterly at Barclays, leading award-winning technological advancements and industry innovation initiatives.
Michael Common, CEO at Nivo Solutions, commented: “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.”
By Matthew Neville – Correspondent, Bdaily
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