Umpqua Holdings in Portland, Ore., has found a bank partner to join in its bid to bring new banking technologies to market.
The $23 billion-asset company said this week that the U.K. banking company Nationwide Building Society will become an investor in Pivotus Ventures, a Silicon Valley-based startup Umpqua launched late last year to foster innovation in banking.
Umpqua is counting on the partnership to help bring to market new digital banking features that will enhance the customer experience. In a news release, Umpqua said that the arrangement with Nationwide "adds international scope, resources and customer insight to the Pivotus innovation studio."
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Umpqua Holdings wants other banks to join its recently announced innovation lab in Silicon Valley. The company says if smaller banks pool resources they can compete with the deep pockets of the big banks in disruption.
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Nationwide is the world's largest mutual bank, with roughly 15 million customers and $250 billion of assets.
Neither company would provide specific details about the partnership, but an Umpqua spokesperson said that both companies would contribute funds and personnel to the venture.
Umpqua said when
