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!
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
- 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.
- 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.