Fintech Startup Nosso That Offers Children Investment Accounts Nabs $2.8M Funding
Fintech startup Nosso which is actually a family finance app raises funding of $2.8M to help parents invest in their children’s future.
The Global Fintech Market is forecasted to grow at a CAGR of around 20% in the next four years. And the market value is projected to reach t $305 billion by 2025, according to GlobeNewswire.
This is mainly due to the consumers increasingly turning towards digital platforms to manage their finances which is causing an increase in fintech mobile apps and website development. Also resulting in the disruption of traditional banking methods and styles. This disruption is also because of the efficiency, availability, and convenience brought by these fintech platforms for their customers.
Other than this, the fintech startups because of their unique approach and user-friendliness are also catching the attention of the investors and are receiving huge amounts of funding. One such platform which has recently grabbed hefty investment is Nosso.
The Fintech startup gathered the amount of $2.8 million in a round co-led by Octopus Ventures and Anthemis. With participation from additional investors like Entrepreneur First, Venture Together, Errol Damelin, Tracey Doree, and Peter Hetherington.
Founded in 2020 by Youssef Darwich and Sigurjon Isaksson, the app aids parents in managing their children’s investments. The platform also gives the parents the unique contribution link they can share with everyone.
This allows the relatives or other people to contribute directly to children’s investments without any additional paperwork or even the need to open a Nosso account. Other than this, the family members can also leave their pictures and messages with their contributions. The app also allows parents to invest through tax-efficient Junior ISAs (in the child’s name) or General Investment Accounts (in the parent’s name).
Nosso also plans to launch a number of new products regularly used in family financial planning such as more diverse and flexible Junior Investment Accounts
Co-Founder and CEO of Nosso, Youssef Darwich 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.”