ATM withdrawals on the rise again, Nationwide finds


Nationwide Building Society claims it has recorded the first rise in ATM withdrawals for 13 years as physical money makes a return in respond to the cost-of-living crisis.

According to Finextra, the building society saw 30.2 million cash withdrawals made from its ATMs last year, which was an increase of 19% on 2021. However, the number is still well below the 44.6 million withdrawals in pre-pandemic 2019.

The average amount of cash withdrawn from ATMs at Nationwide was £105 last year, which was down 2% on the previous year but still up 25% on 2019.

When it came down to the depositing of cash, over the last five years Nationwide has seen a 34% increase in the number of times its machines are used, with the average amount deposited rising to £277, a 37% increase on five years ago.

Nationwide director of payments Otto Benz said, “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting into debt from the rising cost of living.”

B2B payments company Mondu has extended its Series A funding round by $13m, as it looks to bolster its market growth.

The FinTech company previously secured $43m for the Series A in May 2022. This capital was supplied by Valar Ventures, Cherry Ventures and FinTech Collective.

Founded in 2021, Mondu claims to have experienced an impressive first year, having scaled quickly, entered new markets and launched several products.

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