By Aisling Finn on Tuesday 6 July 2021
The fresh funding will be used to help Moneyhub realise its rapid European expansion plans.
Open banking platform Moneyhub has today secured its biggest investment to date.
The fintech has raised $18m to help it fuel its expansion plans across Europe, with Peter Wood, founder of Direct Line and Esure, taking the lead on its latest round. The round is also one of the largest for a female fintech CEO in Europe this year.
Samantha Seaton, CEO of Moneyhub, says the new funding is a “ringing endorsement” of its strategy “for applying new technology where the rules of engagement have been turned upside down”.
“It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape,” she said.
Wood invested in Moneyhub through his latest investment vehicle SPWOne, which invests in and supports a wide range of innovative businesses across the UK.
“At SPWOne, we are committed to investing in success. Open Finance is a permanent technological revolution, fundamentally changing the way businesses interact with their customers,” Wood, said.
“I believe Moneyhub is an outstanding innovator led by a strong management team and is well-positioned to be a global leader in the open finance space, he added.“
As well as Wood joining as Moneyhub’s latest investor, all investors from previous rounds participated again, doubling down on their commitment to the fintech.
The app is designed to help employers support their employees’ financial wellbeing and promises to save employees an average of £850 each, with room to save even more.
In February 2021, Seaton joined the Investment and Savings Alliance’s (TISA) Open Savings, Investments and Pensions (OSIP) steering group to help put consumers back in control of their finances.