Further to our email dated Tuesday 2nd January 2024, it with a heavy heart that we write to you to inform you of our decision to start the process to close customer accounts and wind down our operations.

This article will explain why we have made this difficult decision, and hopefully answer any questions you may have at this time. First and most importantly, please note that your money is still safely invested with BlackRock or Vanguard who are not affected by our decision to wind down.

Unfortunately the performance of the stock market over the last 12-18 months, coupled with the high interest rate environment has reduced the appetite for investing in early stage startups such as ourselves. This has meant that we’ve been unable to secure further venture capital to fund the ongoing business.

Over the last few months we have pursued a number of strategic options and had a range of good interest, however we have not been able to secure a positive outcome from any of these avenues.

We have sent email communication to our customers and other key stakeholders to make them aware of this change to the business and inform them of how it affects them. We will be working with our customers to help them transfer or withdraw their funds as smoothly as possible. We are working with the account custodians WealthKernel who are also FCA regulated and ensuring our customers’ funds remain protected throughout this process.

The Nosso app will be closed down on 28th February 2024 meaning that you will lose access to managing your investments at that point.

Depending on your Nosso account you have the option to transfer your account elsewhere or withdraw the funds. We have emailed all customers with their options depending on their account but a summary of the options available for each product type can be seen below.

Junior ISAs: Junior ISA holders are only able to transfer their Nosso Junior ISA to a new provider. This can be done by opening a new account with a new provider, informing them you want to transfer a JISA in and giving them the information about your Nosso JISA that you should have received on Tuesday 2nd January 2024 via email.

ISAs: ISA holders have the option to withdraw their funds to their linked bank account or transfer their ISA to a new ISA provider. Please note that if you choose to withdraw the money to your account then it will no longer retain it’s tax-free status.

General Investment Accounts (GIAs): GIA holders only have the option to withdraw their funds to their linked bank account. This can be triggered by the customer at any point before 12th February. If we haven't heard from any GIA holders by this date, the investments will automatically be sold and sent back to the customers' linked bank account.

Bare Trusts: Bare Trust holders only have the option to withdraw their funds to their linked bank account. This can be triggered by the customer at any point before 12th February. If we haven't heard from any Bare Trust holders by this date, the investments will automatically be sold and sent back to the customers' linked bank account.

Below are the provider details that you will likely need to give the new provider when completing your (J)ISA transfer form. Please note that we accept digital transfer forms.

(J)ISA Provider: WealthKernel Limited

Provider address: 41 Luke St, London EC2A 4DP

Provider email address: nosso@wealthkernel.com

(J)ISA reference/account number: This is unique to you and has been sent to you via email. Please note that your Nosso account doesn't have a unique bank account number and sort code

Please note Nosso cannot support in-specie transfers. In this case we ask you inform your new provider to request a cash transfer.

Yes, please email any digital transfer forms to nosso@wealthkernel.com copying in contact@withnosso.com.

We will of course be sending you reminders regularly over the next 6 weeks but have the following processes in place for any customers that we do not hear from by 28th February 2024.

JISAs & ISAs:

If we haven’t heard from you by this date regarding a (J)ISA transfer then your (J)ISA will remain invested with WealthKernel. During this period, you will not be able to add more funds to it or view how the investment is performing.

You’ll still be able to use the same details we emailed you to transfer your ISA to a new provider and if you need any support you’ll be able to contact WealthKernel directly at transfers@wealthkernel.com.

GIAs and Bare Trusts:

Any money not withdrawn from GIAs and Bare Trusts before 12th February 2024 will automatically be returned to the linked bank account at this date.

Yes, your money is not affected and the full valuation in your Nosso account (on the day the investments are sold) will be returned to you or transferred to the new provider you have chosen. Please note that if you choose to withdraw ISA money to your account then it will no longer retain it’s tax-free status.
​

We’ll be continuing to accept payments throughout January but from the 1st February 2024, all Direct Debits will be cancelled and no more payments accepted.

Over the next few weeks you will receive an email including a link allowing you to download any memories you have added/received to your child's JISA. Gifting users will also receive an email including a link allowing them to download any pictures/messages they've uploaded with gifts sent.

We're committed to providing you with the support and information you need during this transition. If you require assistance or have any questions, the best way to contact our customer support team is by emailing us at contact@withnosso.com.
​
We really appreciate the support you’ve given us during your time as a Nosso customer. From the whole Nosso team, a heartfelt thank you for being a valued part of our journey.

Our aim is to make this process run as smoothly as possible but if you are unhappy and would like to raise a complaint, you can do so by emailing us at compliance@withnosso.com. Please refer to our complaints policy for more information.