Onfido customer Nivo raises £2M to deliver secure messaging service for sensitive transactions
Secure instant messaging platform Nivo, which was spun-out of Barclays and leverages identification verification checks from Onfido, has raised £2 million (US$2.6 million) in a Series A funding round, BusinessCloud reports.
Nivo launched in late 2018 as an early stage spin-out from Barclays Bank, Nivo provides an instant messaging service that banks can communicate sensitive and transactional data over. The company says 80 percent of applications for financial services are abandoned, and it addresses this problem for banks by reducing processes that have previously taken up to six weeks to 15 minutes. Nivo also says it is receiving Net Promoter scores above 90. In addition to identification verification, the platform enables secure file and photo transfers, open banking, and electronic signatures via instant messaging.
The funding round was participated in by GP Bullhound, the Angel CoFund and angel investors. Among those are EG Solutions Founder and CEO Elizabeth Gooch, who will join the Nivo board.
The platform could also be used by businesses in other regulated industries, such as insurance firms, utilities, telecoms, and healthcare providers.
“Our mission is to make it easier for consumers to connect with service providers in regulated industries like financial services,” comments Nivo CEO Mike Common. “Our clients are using Nivo to deliver simpler mobile experiences, which reduce effort and empower customers. This means everyone saves time, costs go down and satisfaction goes up.”
The service is offered to companies on a monthly subscription basis, with no set-up fee. It has been used to approve more than £20 million ($26 million) in loans, and engage more than 30,000 customers.
“We’ve engineered a secure messaging platform using best of breed technologies,” says Nivo CTO Tim Tennant. “Our team of expert developers are continually innovating to evolve the solution to deliver the best possible experience, and we’re looking forward to growing the team.”
Article Topics
biometrics | funding | identity verification | Onfido | open banking | secure transactions
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