Nationwide Building Society is working with five fintech startups in a collaboration space in London's Covent Garden as part of its £3 million Open Banking for Good challenge.
The opening of the new hub marks the beginning of the incubator phase for the challenge, which was established to build innovative apps and services to help financially vulnerable people.
With room for up to twenty people, the collaboration space ensures that knowledge, experience and expertise can be shared amongst the five fintechs selected - Openwrks, Ducit.ai, Trezeo, Toucan, and Tully.
Rachael Sinclair, Nationwide’s OB4G programme leader says: “By focusing on collaboration, rather than competition, the space focuses the drive for innovation, enables FinTechs, Nationwide and our charity partners to support each other to overcome barriers and build solutions that can make a positive difference to people who need our support.”
The space is open for the entirety of this phase of the challenge, she says, running until the end of the year, by which time solutions would have been tried, tested and ready to roll out to a wider audience.