The financial services industry is dominated by single-user products, designed for individuals managing money on their own. And whilst this works for a certain group of people, more and more digitally native parents want a more collaborative approach to wealth management.
UK-based fintech helping parents invest and plan for their children's financial futures, Nosso has raised $2.8 million (£2.1 million) funding. The round was co-led by Octopus Ventures and Anthemis with participation from additional investors, including Entrepreneur First, Ventures Together, Errol Damelin, Tracy Doree and Peter Hetherington.
The new capital will enable the startup to continue expanding its unique product offering for families.
Founded in 2020 by Youssef Darwich and Sigurjon Isaksson, the app offers children investment accounts that two parents can track and manage together. The platform provides each user with a unique contribution link they can share with anyone. This allows grandparents (as well as other family and friends) to contribute directly and seamlessly with no additional paperwork or even the need to open a Nosso account. Family members can also leave messages and pictures with their contributions allowing them to pass down memories as well as wealth to future generations.
Whilst the app allows parents to invest through tax-efficient Junior ISAs (in the child's name) or General Investment Accounts (in the parent's name), Nosso intends to launch a number of new financial products regularly used in family financial planning such as more flexible Junior Investment Accounts (Bare trusts).
Youssef Darwich, co-founder and CEO, 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 is going to give us the opportunity to change this by providing better education to families and building financial products and tools solely designed for families."