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Digital Identity, Security & Online Fraud

Onfido's customer Nivo raises GBP 2 mln for sensitive transactions service

Monday 6 May 2019 | 11:05 AM CET

Secure instant messaging platform Nivo, which leverages identification verification checks from Onfido, has raised GBP 2 million in a Series A funding round.

Launched in 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 service is offered to companies on a monthly subscription basis, with no set-up fee. It has been used to approve more than GBP 20 million in loans, and engage over 30,000 customers.

The company suggests that 80% of applications for financial services are abandoned, and it addresses this problem for banks by reducing to 15 minutes the processes that have previously taken up to six weeks. In addition to identification verification, the platform enables secure file and photo transfers, open banking, and electronic signatures via instant messaging. It could also be used by businesses in other regulated industries, including insurance companies, utilities, telecoms, and healthcare providers.

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