UK’s Nationwide takes stake in financial manager Moneyhub
UK building society Nationwide has taken a minority stake in financial management platform Moneyhub.
Moneyhub consolidates accounts, including those from different providers, into one place. The Bristol-based firm uses open banking and applies artificial intelligence (AI) with behavioural science to offer insights from multiple financial sources and multiple providers. This can include investments, savings, mortgages, current accounts to credit cards, loans and pensions.
Financial details were not disclosed. The investment marks Britain’s biggest building society’s third deal as part of its £50 million Venturing Fund. Its second deal was AI regtech Hazy, the first was proptech start-up Acasa.
Tony Prestedge, deputy chief executive at Nationwide Building Society, says: “While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent. We know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future.”
Moneyhub also lets users share their aggregated data with a financial professional, such as a financial advisor or accountant.
The company recently secured authorisation as a payment initiation services provider (PISP), which means within the platform users will be able to make payments and bank-to-bank transfers alongside seeing all their financial information in one place.