Thursday, December 05, 2019
Nationwide Building Society has dipped into its £50 million venture fund to take an undisclosed stake in app-based donations startup Percent.
Percent offers users a card-linked app with the opportunity to donate a percentage of their spending at participating retailers to their chosen charity or local good cause.
The Percent app, which has an initial focus on students and young people, is being rolled out in cities across the UK and has so far signed up over 1000 retail brands, including Byron, Zizzi’s and Franco Manca.
Released earlier this year, the company claims 'tens of thousands of users' and intends to be available nationwide by 2020. Plans for international expansion are also in the pipeline.
Tony Prestedge, deputy CEO at Nationwide, says: “For more than two decades we have given at least one percent of our pre-tax profits to good causes. As a member owned organisation, we are always looking for ways that our 15 million members can help direct funds to causes that they care about and support their local communities.
"Percent does just that, using the latest technology to raise funds in a completely frictionless way as directed by consumers."