Nationwide, Britain’s major building society, has invested in Moneyhub by using capital from its £50m venturing fund designed to form partnerships to share knowledge and expertise with start-ups.
The investment has allowed Nationwide to purchase a minority stake in Moneyhub, which is a financial management platform that can consolidate accounts, including those from different providers, into one place to provide transparency for improving lifetime financial well-being.
Via venturing fund, Nationwide is strategically investing in early stage start-ups to support development of advanced products and services, which can benefit the society’s members in the future.
Nationwide Building Society deputy chief executive Tony Prestedge said: “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.”
Designed to serve individuals and enterprises, Moneyhub offers personalized actionable insights by consolidating accounts from multiple financial sources and multiple providers into one place, including investments, savings, mortgages, current accounts to credit cards, loans and pensions.
Moneyhub helps customers in eliminating the complexity of money management, as well as sharing their aggregated data with a trusted financial professional such as a financial advisor or accountant.
Recently, Moneyhub has received authorization as a payment initiation services provider (PISP), allowing users to make payments and bank-to-bank transfers within the platform. It also allows seeing all the financial information in one place.
The firm also provides an API gateway, which is said to be one-stop shop of personalized, permission based, financial data sources and ready-made nudges for businesses to use with their customers.
Moneyhub CEO Sam Seaton 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, categorization and insight led, actionable nudges.”
