Nationwide announces new investment in Switchd

Nationwide Building Society has announced it will invest in the auto-switching energy service, Switchd.

The investment is the latest deal from the UK’s largest building society as part of a £50m Venturing Fund – designed to create partnerships in which Nationwide and start-ups can share knowledge and expertise.

Unlike many other providers, Switchd searches deals from across the whole market including the big six suppliers and smaller players. Households using Switchd have saved, on average, approximately £400 a year on their energy bill – with the average customer switching to a new deal every six to nine months.

Nationwide deputy chief executive, Tony Prestedge, said: “Utility costs are usually one of the largest outgoings after the mortgage or rent payment, but people either don’t know how to switch or don’t feel there is any benefit in doing so. Switchd uses the latest technology to help people ensure they are always on the best deal for their energy usage.

“Nationwide continues to work with start-ups who are at the forefront of using the latest technology, which could provide real benefit both to our members and society in general.

“As well as using our wealth of experience to help these firms at an early stage, we are learning the latest techniques from them which we can utilise in our developments. Therefore, it’s a real win-win partnership for both of us.”

As part of its Venturing Fund, Nationwide is making strategic investments to partner with early-stage start-ups, exploring innovative products and services that could provide benefits for Nationwide members in the future. The Venturing Fund supports the Society’s recently announced large tech investment – which is designed to put the Society at the forefront of digital innovation.

The building society has revealed it is investing a total of £4.1bn in technology over the next five years.

Switchd co-founder, Llewellyn Kinch, commented: “We are incredibly excited to announce this investment. It will prove vital in fulfilling our mission to get everyone in the UK on the best energy deal.

“As well as giving us the funds to grow and develop our product, this partnership will give us the opportunity to learn from Nationwide – a building society renowned for its focus on making customers’ lives better.”

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