Swindon-based building society Nationwide has taken a £15m stake in leading fintech 10x Future Technologies as it develops its "game-changing" service for small businesses.
10x Future Technologies is designing an innovative new cloud-based digital platform for Nationwide's new account, which it is aiming at the UK's 5.7 million small businesses.
The member-owned financial organisation has 15 million account holders, up to a million of whom are business owners.
But the mutual is the only major provider not to offer a business current account, and is focussing its attention on smaller businesses, many of which – it says – have been underserved by the five big banks dominating 85 per cent of the market.
The society is building its business account from scratch, and has been working with 10x to develop a new cloud-native platform, which will enable businesses to access their account and associated products and services through both a mobile app and online banking.
Joe Garner, chief executive of Nationwide Building Society, said: “We believe we can become the game changer in the business current account market – just as we have for personal accounts.
"As a mutual and as a building society we are uniquely focussed on our members and meeting their changing needs.
"Serving people on their terms and to a high standard is at the heart of what we stand for, which is why we are investing in both technology and a truly national branch network.
"Like us, 10x is aiming to massively improve service in financial services and are therefore a natural partner.”
Former Barclays CEO Antony Jenkins, the founder and executive chairman of 10x Future Technologies, said: “Nationwide is one of the UK’s most trusted and service-centric brands and our digital delivery team looks forward to supporting the Society in setting new standards in business banking – just as good digitally as it is in branch.
"We are incredibly proud to partner with Nationwide as part of our ambition to transform banking.”