Nationwide Building Society has invested in Open Banking vendor BankiFi, as it gears up for the forthcoming launch of its business banking service
The UK building society says it plans to use BankiFi's platform to provide business account holders with a menu of additional services - such as accounting, invoicing, payments, VAT submission, lending and banking services - from pre-approved third party providers through a single API.
Tony Prestedge, deputy chief executive at Nationwide, says: “Nationwide has announced its intention to launch a business current account later this year and we are exploring how we might work with BankiFi to make additional services available for business customers. This latest investment will allow us to learn from a start-up that already has experience of the services that business want and need,
The investment is the latest deal from the £50 million Venturing Fund set up just over a year ago by Nationwide for investing in innovative and early-stage startups.