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 £50m ($20m) investment in 10x was part of a series B round. Nationwide is also bidding for £15m from the Capability and Innovation Fund.
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.