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Tony Prestedge, deputy chief executive, Nationwide Building Society

Nationwide building society has announced its investment in Moneyhub, a financial management platform, giving it a minority stake within the company.

The investment comes as a part of Nationwide’s recently launched £50 million Venturing Fund that is designed to finance potential start-ups and form strategic alliances benefiting the Society’s future technology strategy.

Tony Prestedge, deputy chief executive, Nationwide Building Society, said:

“It’s important that the Society invests for the future to ensure we remain at the forefront of innovation. Investing in start-ups like Moneyhub helps us identify, learn about and explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.”

Moneyhub, a Bristol-based company makes use of Open Banking and Artificial Intelligence to automate and offer personalised ‘live’ insights by gathering customer data from multiple financial sources that can be shared with trusted financial professionals.

Prestedge adds, “While many people will have heard of Open Banking and AI technology they may not be able to tell you much about how they are starting to impact their day to day lives, but we believe they are game changers for the financial services industry. In the future, Open Banking and AI will allow the Society to offer even more tailored and personalised services to our members.”

Sam Seaton, chief executive officer, Moneyhub said: “Nationwide shares our vision of enhancing the lifetime financial wellness of people, businesses and communities. Their investment proves the strength of our proposition and demonstrates the benefits at an individual and enterprise level of data aggregation, categorisation and insight led, actionable nudges. Moneyhub’s platform and API gateway, shows the potential of Open Banking, AI based data analysis and a customer first culture to power a step change in how financial services is delivered.”

In recent news, Moneyhub obtained approval to provide services as a Payment Initiation Services Provider (PISP) allowing users to make payments and bank-to-bank transfers from the one place.

Moneyhub has also developed an API gateway that can be linked to various financial institutions. Currently, Starling and Monzo have integrated with Moneyhub to offer their services using Moneyhub’s platform.

by Sumit Vengurlekar
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