London-based fintech startup Nous raises $9m seed to help households navigate the cost of living crisis

London-based fintech startup Nous raises $9m seed to help households navigate the cost of living crisis

Published: 21-02-2022 15:59:00 | By: Pie Kamau | hits: 545 | Tags:

Nous (to rhyme with ‘house’) a London-based fintech startup, announced it has raised a $9 million seed financing round to build out its service that helps households get smart and stay vigilant as they navigate the imminent cost of living crisis. 

UK households are facing an unprecedented cost of living squeeze driven by soaring energy prices, increased transportation and fuel costs, rising prices of everyday goods and services, and compounded by increased interest rates and NI tax increases. It is estimated that the average UK household may be as much as £3,000 out of pocket in the next 12 months, in the worst squeeze on household incomes for 30 years – a £90 billion problem just in the UK.

Nous’s proprietary tech platform aggregates first and third party data feeds to power a real time personalised dashboard of a household’s finances along with actionable insights. By monitoring vendor activity, Nous will provide the vigilance to protect consumers from vendors who would otherwise take advantage of their inattention by hiking prices or levying loyalty taxes. Across energy, insurance, mortgages, broadband and other subscriptions, Nous will save a typical household more than £1,000 a year. 

The more people who join the platform, the smarter it gets. As the business scales out of closed beta, this anonymised dataset on vendor activity is used to train its models so it can progressively automate routine household decisions, such as when to renegotiate a contract or execute a switch to a more optimal service provider that meets a minimum threshold of service quality and reliability.

Unlike the web 1.0 switching and comparison sites, the company has a strict commitment to neutrality. To underwrite its status as a consumer champion, rather than making money from advertising or commissions, it will offer a free dashboard with the option to upgrade to a paid subscription service for its premium automation service.

The company, founded in 2021 by a team of serial entrepreneurs headed by former venture capitalist and onefinestay founder & CEO Greg Marsh, has raised funds from a who’s who of angels, entrepreneurs and investors. 

Greg Marsh, Founder & CEO, Nous: “At a time when UK citizens are facing the worst inflation crisis for 30 years, household expenses are the largest component of people’s living costs, and yet most of us are routinely exploited by companies who hack our inattention to sneak in loyalty taxes at every turn. Nous will change that. Unlike anyone else in this field, we’re on the side of households, and we’re building a service to make people’s lives simpler and fairer.”

The round, led by Mosaic Ventures, involves participation from more than 65 leading angel investors, including renowned tech entrepreneurs such as Tom Blomfield (co-founder of GoCardless & Monzo), Marc Warner (co-founder & CEO of AI pioneer, Dan Hegarty (founder & CEO of leading digital mortgage company Habito), Eamon Jubbawy (co-founder of fintech unicorn Onfido), serial entrepreneur Brent Hoberman, ActiveHotels ( co-founder Andy Phillipps, ex-number-10 strategist John Gibson (one of the original architects of OpenBanking), Christopher North (the former head of Amazon UK), and John Fingleton (former head of the Office of Fair Trading, now CMA), among many others. 

The founding team of experienced serial entrepreneurs is joined by a growing group of elite senior engineers, designers and marketing specialists with prior experience from companies such as Brainlabs, Deliveroo, Disney, Emma, Facebook, Flatfair, GDS, Habito, Just, McKinsey, Ocado, onefinestay, Tandem and Tails. 

The new capital will be used to scale up the product team. With a greenfield tech stack, the company is currently hiring senior full stack engineers who share its passion for building products from the ground up to improve people’s lives.

Toby Coppel, Co-founder & General Partner, Mosaic Ventures: “Having worked with Greg before, we are absolutely delighted to support him and his outstanding team as they build a service that deploys sophisticated tech in a robustly ethical way – it’s like a cross between Which and Google! Nous can deliver a really positive impact on people’s lives during a time of mounting stress and anxiety. It’s tremendously exciting to invest in such a huge commercial opportunity which also has such enormous potential to do good.”