Nationwide is taking a minority stake in Moneyhub, the platform that consolidates accounts from different providers to help consumers manage their money.

The investment is the building society’s third deal as part of a £50 million Venturing Fund launched in September. Nationwide is making strategic investments in and partnering with early stage startups exploring innovative products and services that could provide real benefits for its members in the future.

Using Open Banking and applying artificial intelligence (AI) with behavioural science, Moneyhub delivers personalised actionable insights across investments, savings, mortgages, current accounts, credit cards, loans and pensions. It also lets the user share their aggregated data with a financial advisor or accountant.

Moneyhub recently secured authorisation as a Payment Initiation Services Provider, which means within the platform users will be able to make payments and bank-to-bank transfers. It offers an Application Programming Interface (API) gateway that is the largest ‘one-stop shop’ of personalised, permission based, financial data sources and ready-made nudges.

Tony Prestedge, deputy chief executive at Nationwide, commented: “While many people will have heard of Open Banking and AI technology they may not be able to tell you much about how they are starting to impact their day to day lives, but we believe they are game changers for the financial services industry.

“In the future, Open Banking and AI will allow the society to offer even more tailored and personalised services to our members,” he continued.

“While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent – we know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future.”

Share Story: