Family finance app Nosso becomes latest UK fintech to wind down operations
London-based Nosso, a fintech helping parents invest and plan for their children’s financial futures, has announced it is closing down.
Nosso to close after 4 years in business
A notice on the company’s 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.”
Nosso, which was launched in 2020 by Youssef Darwich and Sigurjon Isaksson, offered customers a goal-based junior ISA investment account which parents could track, manage, and contribute to via its app.
In 2022, the start-up raised £2.1 million in fresh capital in a round led by Octopus Ventures and Anthemis.
In a post on LinkedIn, co-founder and CEO Darwich comments: “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 start-up life together.”
Darwich does not convey why the business is closing down, but on his future, he writes: “My main focus atm [at the moment] 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.”
Nosso joins a string of UK fintechs to wind down operations this year, including Paysme, open banking firm Kikapay, and circular economy fintech Twig.
