Nationwide invests in business management platform BankiFi

 The investment is the latest deal from the USD 50 million Venturing Fund set up just over a year ago, that is designed to create partnerships in which the Society and start-ups share knowledge and expertise. As part of the fund, Nationwide is making strategic investments in and partnering with early stage start-ups exploring innovative products and services that could provide real benefits for the Society’s members in the future.

The technology means that providers like Nationwide, who will be launching its business current account later this year, can offer additional services to businesses as part of the account, such as accounting, invoicing, payments, VAT submission, lending and banking services.

BankiFi offers financial institutions solutions technology to enable their business customer with the right open banking solutions at every stage of life, throughout their entire journey: from sole-trader/self-employed, microbusiness through to SME up to large multinational corporations that have very sophisticated requirements. Banks thus become platform players or Third-Party Providers offering orchestration around their business customers’ issues: mobile, agile, fair and relevant to specific needs at a specific moment in time.