Nosso family finance app raises an initial round of £ 2.1 million

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A FinTech that helps parents invest and plan for their children’s financial future has raised £ 2.1 million in start-up capital.

Nosso – formerly known as Hapi Plan – has been operating in beta for the past few months, working with a group of 1,000 families – 95% of which are investing for the first time ever for their children – to refine and expand their offering. of products.

The app is now active and available for download on the App Store and Play Store.

The round was led by Octopus Ventures and Anthemis with the participation of additional investors including Entrepreneur First, Ventures Together, Errol Damelin, Tracy Doree and Peter Hetherington.

The financial services industry is dominated by single-user products, designed for people who manage money alone. And while this works for a certain group of people, more and more digital native parents want a more collaborative approach to wealth management.

Nosso aims to address this by offering investment accounts for children that two parents can track, manage and contribute to together. The app also goes a step further by providing each user with a unique contribution link that they can share with anyone.

This allows grandparents, as well as other family and friends, to contribute directly and smoothly without further paperwork or even the need to open a Nosso account. Family members can also leave messages and pictures with their contributions allowing them to pass on memories and riches to future generations.

The loan will allow Nosso to continue expanding its product offering. While today the app allows parents to invest via tax-efficient Junior ISAs, on behalf of the child, or generic investment accounts, on behalf of the parent, Nosso intends to launch a series of new financial products regularly used in family financial planning as more flexible. junior investment accounts.

Nosso was founded by Youssef Darwich and Sigurjon Isaksson, who met in 2020 at Entrepreneur First. Darwich was the second employee of the Tide digital banking service and Isaksson was one of the first employees of Eigen Technologies.

“The main obstacle for many parents to effectively save for their children’s future is a lack of awareness of what they can do and a lack of tools to help them do it easily,” said Darwich.

“The money we raised today will give us the opportunity to change this by providing better education for families and building products and financial tools designed exclusively for families.”

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Farhan Lalji of Anthemis added, “We have long been exploring how families collaborate on financial services. When we met Youssef and Sigurjon and saw their commitment to creating products that would allow parents to create and manage wealth for their children with an opportunity for wider family participation, we knew it was a company that we wanted to be part of.

“We are thrilled to change the way parents save for their children and the way families support the financial health of new generations.”

Nosso family finance app raises an initial round of £ 2.1 million

Source link Nosso family finance app raises an initial round of £ 2.1 million

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