Nationwide recently announced its investment in member BankiFi, a business banking technology provider that uses open banking to provide a suite of business microservices. These microservices plug into banking infrastructure through APIs. The technology means that providers like Nationwide can offer additional services to businesses as part of the account, such as accounting, invoicing, payments, VAT submission, lending and banking services.
The investment is the latest deal from the £50 million Venturing Fund set up just over a year ago, which is designed to create partnerships that share knowledge and expertise. Tony Prestedge, Deputy Chief Executive at Nationwide Building Society, stated that “Investing in start-ups like BankiFi will help us explore new capabilities and technologies that will help deliver our technology strategy both now and in the future”.
Read more about this member news here.