Nosso celebrates £100,000 in assets under management

Nosso celebrates £100,000 in assets under management

May 19, 2021

We’ve been on quite a ride in the last year from designing our app in the old school way of pen and paper to integrating complex third party financial software and ultimately onboarding real users to invest real money for real life goals.

We’re constantly humbled by the support and trust of our beta users and we’re thrilled to celebrate an important milestone today - reaching £100k in assets under management, i.e. money people invested through Nosso!

To mark this special milestone, we’re inviting new users to skip the queue and get their hands on the beta app by signing up here.

Our beta customers have provided us with the opportunity to bring our idea to life and understand how people engage with and adopt our products. From silly bugs to major flaws, our beta users have helped us shape (and ever reshape!) the app to make it as great as possible for themselves and future users. In fact our beta period has seen it all - the good, the bad and even the ugly as Youssef, Nosso's co-founder and CEO wrote in a personal post.

Financial independence didn’t come overnight for me so my plan is to make things a little easier for my son. I hope to be able to give him a deposit for his first home and to support him whether he wants to go to university or launch his own business. I feel that Nosso is making the investment space a lot easier to understand and navigate and I enjoy the simplicity around investing for my son’s future.

- Katrina, Nosso parent

So what’s next for Nosso?

There are 3 main things that we’re focussing our efforts on at the moment as we prepare for a public launch later this summer.

A wider range of products helping us support you regardless of your goal

Today, our beta customers can open Junior stocks & shares ISA or General Investment Accounts on Nosso, and while a Junior S&S ISA tends to be the most popular way of investing for your children’s future we’re keen to add a winder range of products to help you regardless of your goal. Here are a few insights that we’re seeing from our beta.zzz

  1. A bare trust (or Junior Investment Account) has been the best match for 20% of our beta customers so far (based on their goal and criteria) - the majority of those had never even heard of the product before coming to Nosso. Unfortunately today you can’t open one with Nosso (and it’s pretty tricky to open elsewhere too) and so we’re exploring how we can best offer bare trusts, giving our community more flexibility on the things they can do with their children’s investment pots.
  1. 7.5% of users are still keen on saving for their children rather than investing. We’re going to keep an eye on this and see what we can do to help more and more parents get comfortable with the risks and rewards associated with investing.

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Improving the experience for friends & family

One of the most important things to us is bringing families together. Creating a simple experience that’s accessible for all generations whilst still retaining the emotion and fun associated with gifting is crucial to this.

While we’ve streamlined the experience already, we still have a long way to go. We’re going to focus on two main things over the next few months - improving the payment experience by supporting more and faster payment methods, and making the experience more real and as part of that removing the “ickiness” associated with asking for financial gifts instead of toys on your kid’s birthday.

Better financial education

Investing is still a big decision for most - around 70% of parents still pick a Junior cash ISA over a Junior stocks & shares ISA. In some cases this is due to accessibility but access to financial education plays a big part in these decisions.

We’re going to continue experimenting with ways that make our community members feel comfortable making these big financial decisions. Through videos, insights, challenges and much more - our job is to turn you into your family’s very own financial planner.

Our mission goes on and we’re committed to making financial freedom a real foundation to a future where children don't graduate with thousands of pounds of debt. Where they don't have to rent until they're 40. A financial future that parents won’t have to worry about.

From all of us at Nosso, thank you for making all this possible 💙

PS: keep an eye on our blog to meet some of our Nosso parents and see how we’ve made a difference to their future goals.

*Valid until 23:59 on 31st May 2021. When investing, capital at risk.