Marvin OnumonuNationwide has put £25m into the Invest in Women Taskforce (IWT) to back female entrepreneurs and help female-led businesses grow.
The lender said the investment aims to boost economic growth in the UK by helping close the gap in funding female-led businesses face, compared to male-led ones.
Research found that female-led businesses bring in 35% better returns on investment than male-led businesses, but only receive 2% of venture capital funding.
Male-only businesses get 81%.
The partnership with the IWT will direct money to female-led firms that may have missed out on support.
Debbie Crosbie, group CEO at Nationwide, said: “Driving economic growth is one of the country’s most urgent priorities.
“Female-led businesses consistently deliver strong returns yet remain underrepresented in investment portfolios.
“We are the first large-scale mutual to offer business banking in the UK and we want to make banking fairer and more inclusive.”
Crosbie added: “Our new partnership with the Invest in Women Taskforce will help close the funding gap, fuel innovation and drive the economic growth that everyone benefits from.”
Hannah Bernard, co-chair of the IWT, said: “I’m delighted that Nationwide is now an anchor investor with the Invest in Women Taskforce.
“Its support will unlock the potential of female-led businesses, which are core to building a growing and more balanced economy.”
