The UK’s Nationwide Building Society has established a minority stake in 10x Future Technologies to support its planned entry into the business banking account market. Having achieved 70% growth in personal current accounts over five years, Nationwide will target underserved smaller businesses with its new-build cloud-native digital platform, expected to launch late 2019, which will be designed to complement, not replace, its ~650-strong branch network. The £15m ($20m) investment in 10x was part of a series B round. In addition to these two new investments, the company also announced that it had raised an additional £5m, bringing total funding for 2018 to around £30m.
The UK’s Nationwide Building Society has established a minority stake in 10x Future Technologies to support its planned entry into the business banking account market. Having achieved 70% growth in personal current accounts over five years, Nationwide will target underserved smaller businesses with its new-build cloud-native digital platform, expected to launch late 2019, which will be designed to complement, not replace, its ~650-strong branch network. The £15m ($20m) investment in 10x was part of a series B round. Nationwide is also bidding for £50m from the Capability and Innovation Fund.