Nationwide launch £50m FinTech fund, close first deal

Nationwide has launched a new £50m FinTech fund to support early-stage startups developing solutions that could benefit its customers.

The bank is prioritising new partnerships that will not just generate it profits, but also will create technology that will help its members. Alongside the launch of the vehicle, Nationwide has announced its first investment, backing PropTech platform acasa.

The areas of focus for the new fund will be PropTech, personal data and identity, financial wellness, banking, operational efficiency, and community building companies. It will also look to invest in new segments it can help to evolve.

Portfolio companies will also benefit from a Nationwide senior member of staff with relevant experience provide support, guidance, and expertise to the startups.

Nationwide Building Society deputy CEO Tony Prestedge said, “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.”

Acasa, the new vehicle’s first investment, is a home management platform designed to support the running of a household. The app, which is available on iOS and Android, helps homeowners automate and streamline moving in, managing and moving on for resident, utility companies and landlords.

Through the app, uses can manage bills and set up automatically split utility bills between the house occupiers. It can also track all household spending and expenses, to help users optimise their finances and make savings.

acasa CEO Nick Katz said, “Partnering with Nationwide is going to allow us to accelerate our growth plans, deliver on our mission and make renting better for everyone in the UK and beyond.”

Copyright © 2018 FinTech Global

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