Nous, a London-based FinTech start-up, has raised $9m in seed financing to build out its service that helps households navigate the imminent cost of living crisis.
The round, led by Mosaic Ventures, involved participation from more than 65 leading angel investors, including renowned tech entrepreneurs such as Tom Blomfield (co-founder of GoCardless & Monzo), Marc Warner (co-founder & CEO of AI pioneer Faculty.ai), Dan Hegarty (founder & CEO of leading digital mortgage company Habito), Eamon Jubbawy (co-founder of FinTech unicorn Onfido), serial entrepreneur Brent Hoberman, ActiveHotels (Booking.com) co-founder Andy Phillipps, ex-number-10 strategist John Gibson (one of the original architects of OpenBanking), Christopher North (the former head of Amazon UK), and John Fingleton (former head of the Office of Fair Trading, now CMA), among many others.
Nous’s proprietary tech platform – available on mobile, tablet and desktops – aggregates first and third party data feeds to power a real time personalised dashboard of a household’s finances along with actionable insights.
In this way, Nous said it will provide the vigilance to protect consumers from vendors who would otherwise take advantage of their inattention by hiking prices or levying loyalty taxes. Across energy, insurance, mortgages, broadband and other subscriptions, Nous will save a typical household more than £1,000 a year.
Nouse said the new capital will be used to scale up the product team. With a greenfield tech stack, the company is currently hiring senior full stack engineers who share its passion for building products from the ground up to improve people’s lives.
The more people who join the platform, the smarter it gets. As the business scales out of closed beta, this anonymised dataset on vendor activity is used to train its models so it can progressively automate routine household decisions, such as when to renegotiate a contract or execute a switch to a more optimal service provider that meets a minimum threshold of service quality and reliability.
Greg Marsh, founder and CEO, said, “At a time when UK citizens are facing the worst inflation crisis for 30 years, household expenses are the largest component of people’s living costs, and yet most of us are routinely exploited by companies who hack our inattention to sneak in loyalty taxes at every turn. Nous will change that. Unlike anyone else in this field, we’re on the side of households, and we’re building a service to make people’s lives simpler and fairer.”
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