Former Barclays executives formed Nivo Solutions, a FinTech business that has received £1 million in financing from Maven Equity Finance.
Barclays Bank and the Northern Powerhouse Investment Fund also contributed to the round. Nivo was created by Michael Common and Matthew Elliot, who currently serve as CEO and CCO.
Nivo’s technology, according to Finextra, combines encrypted instant messaging with digital identity and authentication. Task management, e-signing, machine-learning-based identification document scanning, face recognition, document gathering, open banking, and no-code automation are all capabilities of the platform.
Nivo claims to have a considerable share of the UK Credit Union market as clients, as well as many of the UK’s banks, building societies, brokers, and alternative lenders. Furthermore, Nivo claims to secure 1000 new downloads every day, linking users to financial services companies.
“We are incredibly thrilled to be able to bring investors of the calibre of Maven and Barclays into Nivo,” said Common.
“We are excited to collaborate with them and to continue to develop a leading Manchester technology firm that continues to reduce the paper, email, and phone-based procedures that we have all had to undergo when dealing with the banking industry and other service industries.”
The money, according to Common, will help Nivo develop its product, marketing, and sales teams.
Source – Finextra
