A UK family investment app, founded by one of the first employees of business bank Tide, is shutting down.
Nosso, which raised €2.8 million in a seed round, helps parents invest and plan for their children’s future.
The startup is backed by London-based fintech-focused VC Anthemis and Octopus Ventures, one of Europe’s largest early-stage investors.
Customers were informed about Nosso’s closure earlier this year.
According to Crunchbase, Nosso, based in London, had up to 10 employees.
Founded by ex-Tide employee Youssef Darwich and Sigurjon Isaksson, an early employee at Eigen Technologies in 2020, the Nosso app allows parents to open up Junior stocks & shares, ISAs and General Investment accounts, along with selecting investments from a range of ETFs managed by BlackRock.
The parents can manage, track and contribute to their children’s investment accounts, with the founders saying the app targeted parents who want a “more collaborative approach to wealth”.
Posting on LinkedIn, Darwich said: “Unlike most posts you see on Linkedin, unfortunately, this isn’t a positive update.
“We emailed all our customers at Nosso to tell them that sadly we’ll be winding the business down and closing all Nosso accounts over the next couple of months.
“I want to thank everyone who helped us along the way. Without our early customers, without our supporters, without you all responding to my LI posts and giving us feedback - we wouldn’t have been able to get this far.
“When Sigurjón and I first met in 2020 we both felt that family finance was a long way behind where it needed to be.
“While unfortunately we couldn’t do everything we set out to - it’s been such a pleasure working alongside you every day and going through the ups and downs of startup life together.
“Getting your co-founder right is the most important thing as if you get it wrong, nothing else matters. I feel lucky to have had the opportunity to start Nosso with you.”
In the post, Darwich did not disclose the reasons behind Nosso’s closure but thanked Nosso staff and investors.
On his own future, he said:
"My main focus atm is to help our customers have a smooth transition to their new home but if you’re building something interesting in the fintech world, please feel free to reach out.
“I believe there’s still so much that needs to be done in this space and once the dust has settled here, I’ll be ready to get at it once again."
A post on the Notto website reads: “It is with a heavy heart that we inform you that from 28th February 2024 we will be winding down our operations and closing all Nosso accounts.
"Please note that any money invested through Nosso is still safely invested with BlackRock or Vanguard who are not affected by our decision to wind down.”
According to accounts for the year ending June 2023, Nosso Limited had net assets of £346,000, compared to £1.1m the year previous.
Tech.eu has reached out to Darwich.