Published: Dec 22, 2022
Focus:
NPIF Maven Equity Finance
Manchester-based FinTech solution provider, Nivo Solutions, has secured a £1 million investment from NPIF Maven Equity Finance, alongside a follow-on investment from Barclays Bank.
The technology platform provides a verified identity messaging solution, which 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. Nivo reduces the reliance on inconvenient and undigitised channels such as paper, post, phone calls and in-person communication, as well as email.
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 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 already counts many of the UK’s banks, building societies, alternative lenders, and brokers amongst its clients. The service secures 1000 new downloads each day and 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 teams, including the addition of a sales director to accelerate the business’ growth.
The Manchester-based business was founded by Michael Common, CEO, and Matthew Elliott, CCO, both of whom have extensive banking experience, latterly at Barclays.
“The technology Nivo provides is a pioneering advancement for the regulated sector and makes communication easier for financial businesses and their clients. Their product has become integral to many businesses and is embedded into many of their processes, saving them time and money. Maven invests in many innovative businesses within the FinTech industry, and this business is a great addition to our portfolio in the North West.”
James Rosthorn, Investment Director at Maven
“Ambitious businesses like Nivo are a great example of a business making a real impact in its regional economy, as it creates new jobs in growing its operational teams. Its innovative communications solution for the financial services industry is streamlining the way businesses operate, and it will be interesting to see what the technology will achieve as it develops.”
Sean Hutchinson at the British Business Bank
“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.”
Gavin Chapman, Managing Director, Principal Investments at Barclays
“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.”
Michael Common, CEO at Nivo Solutions
Advisors to the deal were Ryan Brown from Browne Jacobson (legal), Bruce Douglas from Confidas People (management DD) and David Roberts from PriceRoberts (Tech DD). Management advisors were Weightmans and legal advisors for Barclays Bank was Norton Rose Fulbright.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
