Family Finance App Nosso Secures $2.6M Seed Round

Nosso, a fintech helping parents invest and plan for their children’s financial futures, today announces it has raised $2.8m (£2.1m) capital. 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 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.

Nosso addresses this by offering children investment accounts that two parents can track, manage and contribute to, together. The app also goes one step further by providing each user with a unique contribution link that 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.

The funding announced today will allow Nosso to continue expanding its unique product offering for families. Whilst today 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).

(Source: Fintech Finance)