Nationwide signs partner deals ahead of SME accounts launch
Nationwide Building Society has signed two partnerships as it prepares to launch a business current account aimed at Britain’s 5.6 million small businesses.
The partnerships, with Mastercard and ClearBank, will enable the Society to deliver on key milestones for the new account which will launch early next year.
Nationwide was awarded a £50 million grant from the Capability and Innovation Fund, administered by Banking Competition Remedies (BCR), earlier this year. This funding will be used to support a fully-fledged business banking proposition including unsecured loans, credit cards and savings.
In preparation for the launch, Nationwide has already made a £15 million investment in 10x Future Technologies, which gave the Society a minority shareholding.
Simon Hamilton, managing director of Nationwide for Business, said: “We are aiming to disrupt the business banking market and these partnerships will help us do just that.”