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- Partnership with 10x Future Technologies enables Society to build innovative digital platform
- Digital offering will be complemented by Society’s unwavering commitment to branches
- Service will evolve to respond to current and future needs of UK’s 5.7 million small businesses
Nationwide, the world’s largest building society, today announces it has invested in a leading fintech as it aims to disrupt the business banking market by delivering “game-changing” customer service on both the high street and online.
Last year the Society announced that it would launch a business current account in support of the UK’s 5.7 million small businesses, from tradespeople and sole traders to owner-managed businesses.
The £15 million investment in 10x Future Technologies – part of a Series B funding round – gives Nationwide a minority shareholding aimed at creating a true partnership approach to designing and building an innovative digital platform for the new current account. 10x is working with the Society to deliver the digital platform, which will be launched towards the end of the year.
As a mutual organisation driven by member needs and not profit, Nationwide will focus on smaller businesses, many of which have been underserved by the five big banks dominating 85 per cent of the market1.
The Society, which has 15 million members, up to a million of whom are business owners, is bidding for £50 million funding from the Capability and Innovation Fund1 so it can reach as many small businesses as possible with a fully-fledged proposition.
While acknowledging the growth of digital, Nationwide has maintained steady use of its branches and believes they still play a critical…
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