NAB has earmarked $2 billion to back “emerging technology companies” over the next five years, but has no clear answer on whether it's interested in backing channel companies.
What is clear is that the Bank will offer a mix of loans and capital to "companies from any sector that have technology-enabled business models with high levels of medium-term potential.”
In addition to funding, NAB will also offer support for tech companies with transactional banking and risk management to help scale existing capability or break into new markets.
NAB’s chief customer officer Anthony Healy said the bank wants to boost productivity in the tech sector by supporting companies at a critical stage of their lifecycle.
“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.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.”
He added that NAB now has a dedicated team focused on investing in high-growth tech companies in addition to its existing startup venture fund.
NAB unveiled its $100 million Ventures fund in 2015 which has so far invested in 14 startups that focus on financial services and data management.
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