British building society Nationwide has invested £15m ($19.7m) in fintech 10x Future Technologies.

The goal is to disrupt the business banking market with “game-changing” customer service both online and on the high street.

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In 2018, Nationwide announced it would launch a business current account to support the 5.7 million small businesses in the UK.

The £15m investment, as part of a Series B funding round, is assistance to launch the platform later this year.

Up to a million of Nationwide’s 15 million members are business owners and the building society is also bidding for £50m from the Capability and Innovation Fund. This is to reach as many small businesses as it can with a fully fledged proposition.

Joe Garner, chief executive of Nationwide Building Society, said: “We believe we can become the gamechanger in the business current account market – just as we have for personal accounts. As a mutual and as a building society we are uniquely focused 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.”

Antony Jenkins, 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.”

Nationwide investment

Nationwide has had a long spell recently on investing in newer players. It launched its fintech fund in June 2018.

Furthermore, it invested in money management app Moneyhub with its £50m venture fund in November 2018.

Moneyhub consolidates accounts into one place, even from different providers. As a result, users receive clarity and actionable insights into their finances. Nationwide now has a minority stake in the firm.

Utilising AI and open banking, Moneyhub wants to empower individuals and enterprises. In addition to consolidation, customers can share their data with a trusted financial professional. This automates much of the process and delivers “live” insights into financial behaviour, providing better advice and propositions in turn.

Previously, Nationwide had invested in GDPR compliant data sharing fintech Hazy and prop-tech firm acasa.