Manchester-based Nivo bags ?1m investment


Nivo Solutions, a FinTech startup founded by former executives at Barclays, has landed ?1m in funding from Maven Equity Finance.

The round also had support from Barclays Bank and the Northern Powerhouse Investment Fund. Nivo was founded by Michael Common and Matthew Elliot, who hold the positions of CEO and CCO respectively.

According to Finextra, Nivo technology combines secure instant messaging with digital identification and verification. The platform includes task management, e-signing, machine-learning-based identity document scanning, facial recognition, document collection, open banking and no-code automation capabilities.

Nivo claims its counts a large proportion of the UK Credit Union market and many of the UK banks, building societies, brokers and alternative lenders among its clients. In addition, Nivo claims it secures 1000 new downloads each day, connecting customers to financial services businesses.

Common said, ?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 weve all had to endure when dealing with the financial sector and other service industries.p>

Common claims the funding will aid Nivo in building its product, marketing, and sales teams.

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