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Nivo secure, biometric customer messaging solution gets £1M funding from Maven to go global

The UK’s Nivo Solutions, provider of biometrically verified messaging services to financial firms for customer service, has received £1 million (US$1.2 million) in investment from NPIF Maven Equity Finance.

The injection, alongside a follow-on investment from Barclays Bank, from where Nivo was spun out in 2017, are to aid the expansion of its team and help it reach a global audience. It is creating the new role of sales director.

Nivo’s platform allows the secure gathering of data and documentations by financial and legal services firms as well as their customers and partners. The whole process is carried out in a secure instant messaging service which is enhanced by bots and can issue forms to capture more information. The biometric identity verification is provided by Onfido.

It is working with UK banks and alternative lenders and loan brokers. It boasts The service can be integrated into a firm’s own app or be issued as a white label standalone app or as the Nivo app. More than 50,000 people use the platform each month and it is seeing 1,000 new downloads per day.

The solution aims to tackle the drop out rate of financial product applications, which it measures as around 85 percent. It claims its messaging approach leads to a 25 to 100 percent sales uplift, 75 percent reduction in setup time and up to 100 percent increase in operational efficiency.

Its use by Freedom Finance’s Optimum Credit customers allows them to apply for a second mortgage via the Nivo platform, using biometric identity profiles to avoid the days or weeks of paperwork in the traditional mortgage process.

“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,” comments James Rosthorn, Investment Director at Maven.

“We are pleased to continue our support for Nivo, who have demonstrated strong traction since graduating from our 2017 accelerator program,” says Gavin Chapman, Managing Director, Principal Investments at Barclays.

“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.”

Nivo has also received £2 million in funding from GP Bullhound and Angel CoFund. Investment so far has reached $4.3 million, according to Crunchbase. The UK’s Nivo Solutions, provider of biometrically verified messaging services to financial firms for customer service, has received £1 million (US$1.2 million) in investment from NPIF Maven Equity Finance.

The injection, alongside a follow-on investment from Barclays Bank, from where Nivo was spun out in 2017, are to aid the expansion of its team and help it reach a global audience. It is creating the new role of sales director.

Nivo’s platform allows the secure gathering of data and documentations by financial and legal services firms as well as their customers and partners. The whole process is carried out in a secure instant messaging service which is enhanced by bots and can issue forms to capture more information. The biometric identity verification is provided by Onfido.

It is working with UK banks and alternative lenders and loan brokers. It boasts The service can be integrated into a firm’s own app or be issued as a white label standalone app or as the Nivo app. More than 50,000 people use the platform each month and it is seeing 1,000 new downloads per day.

The solution aims to tackle the drop out rate of financial product applications, which it measures as around 85 percent. It claims its messaging approach leads to a 25 to 100 percent sales uplift, 75 percent reduction in setup time and up to 100 percent increase in operational efficiency.

Its use by Freedom Finance’s Optimum Credit customers allows them to apply for a second mortgage via the Nivo platform, using biometric identity profiles to avoid the days or weeks of paperwork in the traditional mortgage process.

“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,” comments James Rosthorn, Investment Director at Maven.

“We are pleased to continue our support for Nivo, who have demonstrated strong traction since graduating from our 2017 accelerator program,” says Gavin Chapman, Managing Director, Principal Investments at Barclays.

“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.”

Nivo has also received £2 million in funding from GP Bullhound and Angel CoFund. Investment so far has reached $4.3 million, according to Crunchbase.  Read More  Biometric Update 

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