Vimeo logo LinkedIn logo

News

npif stripes
Back to News James Rosthorn

3rd January 2023

NPIF – Maven Equity Finance provides £1 million investment in Nivo Solutions Limited

Tags

NPIF - Maven Equity FinanceGreater Manchester LEPNorthern Powerhouse Investment Fund

Manchester-based FinTech solution provider, Nivo Solutions Limited (“Nivo”) has secured a £1 million investment from NPIF – Maven Equity Finance, which is managed by Maven and part of the Northern Powerhouse Investment Fund. The investment comes alongside Barclays Bank, who supported the round with additional investment.

The technology platform provides a verified identity messaging solution, which combines secure instant messaging with digital identification and verification. This allows financial services businesses, their customers, and partners to gather data, documentation, evidence, and approvals in a quicker, secure and more efficient manner.  Nivo reduces the reliance on inconvenient channels like paper post, phones, emails and in-person communication.

The Nivo technology platform includes task management, e-signing, machine-learning based identity document scanning, facial recognition, document collection, open banking and no-code automation capabilities. It blends the latest technologies, including leading identity and security technologies, with the world’s communication channel of choice, instant messaging, to ensure the quickest, most effective way for people to do business.

Nivo  counts a large proportion of the UK Credit Union market and many of the UK’s banks, building societies, alternative lenders, and brokers amongst its clients. The service secures 1000 new downloads each day, connecting customers  to  financial services businesses.   It has grown to boast over 50,000 people using its platform  every month.

The investment will aid Nivo in building its product, marketing, customer success and sales team, including the addition of a sales director to accelerate the business’ growth. A new Sales Director is a key hire already identified to  complement  experience and expertise of the senior leadership team. Nivo’s technology has become an integral part of many of its clients’ processes, and Nivo plans to develop and grow these relationships and its service to ensure and consolidate its future expansion.

The Manchester-based business was founded by Michael Common, CEO, and Matthew Elliott, CCO. Both Michael and Mat had extensive banking experience, most latterly at Barclays, leading award winning technological advancements and industry innovation initiatives.

Advisors to the deal were Ryan Brown from Browne Jacobson (legal), Bruce Douglas from Confidas People (management DD) and David Roberts from PriceRoberts (Tech DD). Management advisors were Weightmans and legal advisors for Barclays Bank was Norton Rose Fulbright.

James Rosthorn, Investment Director at Maven, said: “The technology Nivo provides is a pioneering advancement for the regulated sector and makes communication easier for financial businesses and their clients. Their product has become integral to many businesses and is embedded into many of their processes, saving them time and money. Maven invests in many innovative businesses within the FinTech industry, and this business is a great addition to our portfolio in the North West.”

Sean Hutchinson at the British Business Bank, said: “Ambitious businesses like Nivo are a great example of a business making a real impact in its regional economy, as it creates new jobs in growing its operational teams. Its innovative communications solution for the financial services industry is streamlining the way businesses operate, and it will be interesting to see what the technology will achieve as it develops.”

Gavin Chapman, Managing Director, Principal Investments at 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. We look forward to working alongside Maven and the management team to scale the business.”

Michael Common, CEO at Nivo Solutions added: “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 we’ve all had to endure when dealing with the financial sector and other service industries.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929.

Editors Notes

 

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to 'Funds Available' to find the Fund Managers operating in your area

Signpost microfinance icon

Microfinance

£25k – £100k

Microfinance page
Learn More
Debt finance icon of a road map

Debt Finance

£100k – £750k

Debt Finance page
Learn More
equity finance icon

Equity Finance

£50k – £2m

Equity Finance page
Learn More

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information