Open finance provider Moneyhub closes £55m funding round

Moneyhub has closed a £55m debt and equity funding round, with backing from Lloyds, Legal & General, Shawbrook Bank and Phoenix Group.

The round was first announced in October when Lloyds, Legal & General and Shawbrook Bank came on board with £40m, including £5m of debt from Shawbrook.

Yesterday FTSE 100-listed Phoenix Group, the parent company of Standard Life, completed the round with an additional £15m in equity.

Moneyhub CEO Samantha Seaton welcomed the investment as a “further testament to the growing possibilities the industry sees in Open Data, and the transformational role Moneyhub can play.” 

“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.”

The overall investment will be used to support Moneyhub’s acceleration with ongoing development of its services, as well as speeding up its growth internationally.

For Phoenix Group, in particular, Moneyhub is already working with the company on better harnessing its customer data and rolling out open banking payments.

“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.”

Moneyhub earlier this month was named Open Banking Provider Of The Year 2022 as part of the annual AltFi Awards, beating shortlistees Plaid and Tink to the award.