Family finance app Nosso is the latest UK fintech to shut down, following in the footsteps of circular economy firm Twig, open banking player Kikapay, and business app Paysme.
Founded in 2020 by Youssef Darwich, formerly of Tide, and Sigurjon Isaksson, an early employee at Eigen Technologies, the Nosso app enabled parents to open junior stocks & shares ISAs and general investment accounts while selecting investments from a range of ETFs managed by BlackRock.
The company recently raised $2.8 million in a seed round co-led by Octopus Ventures and Anthemis Group. However, accounts for the year ending June 2023 revealed that Nosso had net assets of £346,000, down from £1.1 million the previous year.
In a LinkedIn post, Darwich announced that the firm would be winding down and closing all Nosso accounts within the next couple of months. He stated, “My main focus atm 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. I believe there’s still so much that needs to be done in this space, and once the dust has settled here, I’ll be ready to get at it once again.”