Ascertaining the current financial climate and predicting its future possibilities, National Australia Bank (NAB) has decided to invest some much-desired capital to push the growth of emerging technology company over the next five years to boost the economy.
NAB has reserved $2 billion to back the same. This special strategy will benefit companies from a range of sectors, irrespective of the core field, that have technology-based business models. This move may or may not include channel companies. Their services will allow these technology-based companies to borrow loans, exclusively planned for them and allocate capital designated to them.
Apart from the financial support, NAB will also offer financial services and support to upscale their businesses, like transactional banking, risk management to work their full potential and land new markets. Companies that are at an early start or at a crucial juncture in their business, need the extra push, supporting companies at this stage will enhance their productivity in the technical segment says NAB’s chief customer officer Anthony Healy. “This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” Healy said.
NAB had already laid its eye on Startups, with a successfully running startup venture fund. It declared $100 million Ventures fund in 2015 that has successfully powered 14 startups that focus on financial services and data management. They have a team of experts dedicated to push the growth of these companies and fuel further progress for startups.