Open finance and data fintech firm Moneyhub has secured a £15m ($18.3m, €17.3m) investment from UK savings and retirement business Phoenix Group.
This comes two months after it received an initial £35m in funding from Legal & General and Lloyds Banking Group. It also obtained an additional £5m debt facility provided by Shawbrook.
The funding now completes Moneyhub’s largest fundraise to date, totalling £55m.
Phoenix Group will join existing lead investors Legal & General and Lloyds Banking Group with a minority stake in the business.
Standard Life, part of Phoenix Group, already has a long-standing commercial relationship with Moneyhub through a financial wellness proposition for workplace pension customers – Money Mindset – which utilises Moneyhub’s open finance platform.
The overall investment will “support the acceleration of the ongoing development of Moneyhub’s solutions and expedite the internationalisation of its highly scalable and border agnostic technology”, the firms said.
Open finance/data
Samantha Seaton, chief executive of Moneyhub, said: “This additional investment from Phoenix Group, following our long-standing commercial relationship with its Standard Life business, is further testament to the growing possibilities the industry sees in open data, and the transformational role Moneyhub can play.
“We are delighted that Phoenix Group has chosen to go even further by investing in the business. With Consumer Duty and pensions dashboard driving the need to focus on consumer outcomes, the only answer is to work in a trusted data sharing approach with your customers.
“Since the beginning, Moneyhub has been a trailblazer and at the vanguard of the data and payments revolution. Our market leading Open Data solutions have the ability to help businesses with their growth objectives, while in turn improving the financial lives of their customers.
“I am proud to work with a large team of some of the most talented individuals in the sector that have helped us get to where we are today, and excited for all the possibilities and developments that lie ahead.”
Andy Curran, chief executive of Standard Life, added: “Open data is revolutionising customer interactions across our industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial wellbeing. Moneyhub is at the forefront of setting standards for the sector and a natural partner for Phoenix Group and our Standard Life business as it drives data regulation and access to open finance.
“We are focused on helping people secure a lifetime of possibilities and look forward to working with the Moneyhub team to harness the power of open data. This will simplify our business and give more customers access to personalised solutions that better meet their financial wellbeing needs.”
