Nationwide is launching a £50 million FinTech fund to invest and partner with early stage startups exploring innovative products and services that could provide real benefits for it members.

The building society will also have a senior member of staff with relevant experience to provide support, guidance and expertise to the startups.

Emma Huntington, head of innovation and venturing, told FStech that her team of four is looking to tap into startups working hard to solve specific problems that are relevant to the society.

“In terms of investment it’s fairly small stakes, as it’s more about mutual learning and partnership aligned with our purposes and values,” she explained, adding that commercial contracts will be considered later on in the partnership journey.

Nationwide’s investments will be focused around seven main themes:

• House and home: Looking at all aspects of how people live their lives in and out of the home.
• Personal data and identity: Exploring secure verification, validation and storage of data.
• Financial wellness: Driving financial inclusion and wellbeing now and into the future.
• Communities and society: People coming together to achieve more than they could as individuals.
• Banking as a platform: Exploring the changing role of financial services as consumers evolve.
• Operational efficiency: Promoting efficiency and sustainability by investing members’ money wisely.
• New segments: Exploring other areas where we can bring the benefit of mutuality.

The society has already made its first investment into startup Acasa, which is focused on supporting both landlords and tenants living in shared accommodation with their everyday finances. The home management platform is live on iOS, Android and the web, automating and streamlining the process of moving in, managing and moving on for the resident, utility companies and landlords.

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