Nosso Announces Winding Down Of Its Operation
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A FinTech firm assisting parents to invest in their children’s future has revealed its aim to shut down. This comes two years after receiving funding of £2.1 million in seed capital from major Venture capitalists.
Previously called Hapi Plan, Nosso fully introduced its app in early 2022. It got support from Anthemis, Ventures Together, Octopus Ventures, Entrepreneur First, Peter Hetherington, Tracy Doree, and Errol Damelin.
According to a statement from the firm’s startup website, the shutdown is expected to happen on 28th February 2024, and all Nosso accounts will also be closed. Any money invested by customers on Nosso remains safe with Vanguard or BlackRock. The decision to shut down did not affect both firms.
Nosso Thanks Its Customers For Support
The Nosso team generally appreciates their customers for the support given to them and for their understanding. They aim to safely move every deposited cash on Nosso to its new space for customers to continue saving for their and their children’s future.
Darwich, Nosso’s co-founder declared that the firm sent emails to every one of its customers, and the firm aims to close down all services and also all Nosso accounts in the next two months.
He spoke further, giving thanks to all who helped in the development of Nosso from the beginning. He also revealed the impact of the firm’s early customers, general supporters, and everyone who gave feedback on continuous development. He mentioned that the firm wouldn’t have gotten far without them.
More Fintech Firms Hit But Economic Conditions
Nosso’s winding down follows the footsteps of fellow fintech firm Paysme, open banking player Kikapay, and circular economy firm Twig. It’s another evidence that the UK market is increasingly becoming unfavorable for some fintech firms.
Nosso was founded by Sigurjon Isaksson and Youssef Darwich who were linked together at Entrepreneur First in 2020. Before the launch, Sigurjon was a primary worker at Eigen Technologies and Youssef was also a worker at the banking service Tide.
The firm was previously functioning in beta, working with a set of 1000 families, where almost all placed a first-time investment for their children. It provides parents with Junior stokes and shares. It also provided General Investment accounts and ISAs, and the ability to select an investment from a wide range of ETFs controlled by BlackRock.
Nosso delivers children’s investment accounts that give parents the ability to manage, track, and contribute funds. It also provides users with exclusive contribution links which could be used to collect donations. The app placed a feature where family members can leave pictures and messages with their contributions.
