UK building society Nationwide has launched a £50m fund aimed at financial technology businesses in the UK.
The fund will enable fintech companies to develop innovative products and services, with senior members of Nationwide’s staff also providing support to businesses.
Nationwide’s fund will cover seven themes as part of the building society’s aim to boost its products and services for its 15 million customers. Among the areas that the fund will cover are personal identity and data, house and home, and operational efficiency.
Nationwide also aims to boost financial inclusion and wellbeing for its customers, with financial wellness being one of the main areas that the fund will cover. The fund will also explore how the role of financial services is changing, with Nationwide acknowledging the rise in disruptive technology in the sector.
The fintech fund has already started supporting firms, with home finances management firm Acasa being the first company to receive investment.
Nationwide is not the only financial services brand to boost support for fintech companies. Earlier this year, BNP Paribas launched an investment fund to help fintech businesses develop innovative products and services for the French banking group’s customers.
Commenting on the changes in the financial services industry, Nationwide Building Society’s Deputy CEO Tony Prestedge said: “The financial services industry has changed dramatically over the last ten years, and continues to evolve at pace as customer experiences are being transformed by innovative organisations and the rise of disruptive technology.”
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