NATIONWIDE is the latest financial services brand looking to boost its technology offering by investing in fintech start-ups, with the launch of a £50m fund.
The building society has noted the rise of “disruptive technology” in the financial services industry and said it will invest in start-ups so that it can be at the forefront of helping develop innovative products and services.
“The financial services industry has changed dramatically over the last 10 years, and continues to evolve at pace as customer experiences are being transformed by innovative organisations and the rise of disruptive technology,” said Tony Prestedge, Nationwide Building Society’s deputy chief executive.
“While Nationwide doesn’t always shout about its latest innovations, we have a strong track record of delivering real technological advances that actually make an impact to the everyday lives of our 15 million members.
“By investing in early stage start-ups, we can be at the forefront of helping develop innovative products and services that will benefit our members both now and in the future, allowing us to deliver our ambitious future technology strategy.”
The fund has already made its first investment, into home finances management app Acasa.
In February, French bank BNP Paribas launched an investment fund to support innovative fintech start-ups, with a similar aim of boosting its technology and providing a better service for its customers.