Maven Equity Finance invests £1m into Nivo Solutions
Manchester-based fintech platform Nivo Solutions has received a £1m investment from the Northern Powerhouse Investment Fund by Maven.
Fintech firms can use Nivo to manage tasks, e-signing, identity document scanning, facial recognition, document collection, open banking and task automation.
“We look forward to working with [Maven and Barclays], 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,” said Michael Common, CEO at Nivo Solutions.
Nivo Solutions was founded by Common along with CCO Matthew Elliott, who both previously worked for Barclays Bank.
Along with Maven existing investor Barclays Bank also contributed an undisclosed amount to the business.
Gavin Chapman, managing director, principal investments, Barclays, said: “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”
According to the firm its tech is already used by 50,000 users each month, including banks, building societies, alternative lenders and brokers.
Nivo Solutions is to spend the investments on hiring within its product, marketing, customer and sales divisions.
Glasgow-based Maven Capital Partners is a venture capital trust, private equity and property fund manager, a subsidiary of plc Mattioli Woods.