Nationwide has invested £15 million in 10x Future Technologies as part of a Series B funding round, giving the building society a minority shareholding aimed at designing and building an innovative digital platform for new current accounts.

Last year the society announced that it would launch a business current account in support of the UK’s 5.7 million small businesses. This partnership provides the digital platform, which will be launched towards the end of the year.

As the only major banking provider not to offer a business current account, Nationwide is building the service from scratch, placing a premium on having a “fantastic digital experience” as well as providing face-to-face service across its network of around 650 branches, according to a statement.

It has been working with 10x since last summer to test the account and to scope the requirements for delivery. The cloud-native platform will enable businesses to access their account and associated products and services through both a mobile app and online banking.

Last year, the society also pledged to invest £4.1 billion in technology transformation over next five years, along with pumping £3 million into a competition to encourage FinTech startups to develop Open Banking apps for consumers facing financial challenges.

Nationwide chief executive Joe Garner said: “We believe we can become the gamechanger in the business current account market – just as we have for personal accounts.”

Antony Jenkins, founder and executive chairman of 10x and former Barclays chief executive, added: “Nationwide is one of the UK’s most trusted and service-centric brands and our digital delivery team looks forward to supporting the society in setting new standards in business banking – just as good digitally as it is in branch.”

Share Story: