Nationwide launches £50m fintech fund

Nationwide has launched a £50m venturing fund to support fintech and proptech start-ups.

Acasa has been announced as the first start-up investment, with more to be announced in the coming months.

The proptech company – a home management platform designed for residents, utility companies and landlords – has around 150,000 registered users.

It plans on becoming a platform to cover the needs of every household.

Tony Prestedge, deputy CEO at Nationwide, said: “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.

“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.”

Long-term partnerships are being targeted by the building society, with start-ups offered the support of senior staff members, who will provide guidance and expertise.

Emma Huntington, who leads innovation and venturing at Nationwide, said: "Our focus is on developing partnerships which deliver long-term benefits to our members.

“We’ll work together to make the most of our partnerships through sharing experience, our established networks and by drawing on our complementary skills. 

“This is about more than money, and we are excited to learn from our new partners to ensure we deliver real benefits to our organisation, our members and the start-ups.”

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