Nivo, the instant messaging and identity verification company, has secured £2 million in funding from GP Bullhound, the Angel CoFund and a syndicate of angel investors.

The Manchester-based company, which launched in late 2018 as an early-stage spin out from Barclays Bank, plans to use the funding to accelerate growth and further product innovation.

Financial services companies use Nivo’s technology to connect with customers, verify identities, gather personal information and complete transactions. Since launch, £20 million of loans have been written using its platform.

Elizabeth Gooch, one of the investors and founder of process optimisation technology company EG Solutions, will also join Nivo’s board.

“Manchester is a growing hub for disruptive and world-leading FinTech firms,” said Hugh Campbell, managing partner at GP Bullhound.

GP Bullhound’s portfolio companies also include Slack and Partnerize, while Angel CoFund has supported companies including Gousto and Crowd Vision.