London fintech raises £2.1m to help parents plan for children’s financial future
A London fintech helping parents invest and plan for their children’s financial futures, has raised £2.1m ($2.8m).
Nosso, a family finance app, allows parents to open up Junior stocks and shares, ISAs and general investment accounts and select investments from a range of ETFs managed by BlackRock.
They are one of the first providers to allow both parents to access and manage an account and extended family and friends to contribute directly without setting up their own account.
The round was led by Octopus Ventures and Anthemis with participation from additional investors including Entrepreneur First, Ventures Together, Errol Damelin, Tracy Doree and Peter Hetherington.
The funding will allow Nosso to continue expanding its unique product offering for families and launch a number of new financial products regularly used in family financial planning such as more flexible Junior Investment Accounts (Bare trusts).
Youssef Darwich, CEO and co-founder of Nosso said: “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.
“The money we’ve raised today is going to give us the opportunity to change this, providing better education to families and building financial products and tools solely designed for families.”
Tosin Agbabiaka, investor, Octopus Ventures, added: “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.
“Therefore, Nosso stood out to us immediately for a number of reasons: the seamlessness 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.”
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