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Family finance app Nosso raises £2m

Nosso seed funding team
Image credit: Nosso

Fintech startup Nosso has secured £2m in a Seed funding round, continuing the trend of success for London-based fintech firms.

Nosso will use the new capital to scale up in the extremely competitive fintech sector. Octopus Ventures and Anthemis led the latest investment round.

Additional investors Entrepreneur First, Ventures Together also provided funds, with participation from angel investors Errol Damelin, Tracy Doree and Peter Hetherington.

Founded in 2020 by Youssef Darwich and Sigurjon Isaksson, Nosso focuses on parents providing financial security for their families through investments.

Users can open junior stocks and shares ISAs and general investment accounts and select investments from exchange-traded funds (EFTs), managed by investment management company BlackRock.

Parents are able to track, manage and contribute to their children’s investment accounts, and are also able to share a link to allow any other family and friends to contribute, without the need for their own Nosso account.

“The main hurdle for many parents to effectively save for their children’s future is a lack of awareness about what they can do and a lack of tools that help them do that easily,” said Nosso co-founder and CEO Youssef Darwich.

Octopus Ventures said the value of the service Nosso provides is down to its unique fintech investment approach that goes beyond the individual.

“We continue to see traditional firms in this space struggle to provide financial planning and wealth management solutions that address the needs of younger existing clients and a new generation of families,” said Tosin Agbabiaka of Octopus Ventures.

“Therefore, Nosso stood out to us immediately for a number of reasons: the seamless way it integrates into a family’s life, the manner in which it’s transformed a traditionally ‘single-player’ approach to financial planning into a ‘multi-player’, sustainable approach, and the founders’ bold vision of democratizing intergenerational wealth transfer.”

The Nosso funding follows a bumper year for UK fintech investments, with startups raising a record $11.6bn.

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