Moneyhub completes £55 million funding round with an additional £15 million investment from the UK’s largest long-term savings and retirement business – Phoenix Group

Last Updated on: 22nd November 2023, 11:13 am

  • Phoenix Group joins as a co-lead investor alongside Legal & General and Lloyds Banking Group
  • The announcement follows an initial £40 million in funding on 24 October 2022 from Legal & General, Lloyds Banking Group and Shawbrook Bank

Moneyhub, the market leading Open Finance, Open Data, and payments platform, today announces that it has secured a further £15 million in funding from leading savings and retirement business Phoenix Group. This funding now completes Moneyhub’s largest fundraise to date, totalling £55 million, following the £35 million in funding announced on 24 October 2022 from Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook Bank, partially subject to regulatory approval.

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 strong and long-standing commercial relationship with Moneyhub through a financial wellness proposition for Workplace pension customers – Money Mindset, which utilises Moneyhub’s Open Finance platform. Standard Life will look to enhance this partnership, using Moneyhub’s Open Data technology to support its strategic goals.

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.

With over 100 clients, Moneyhub is working to support Phoenix Group with the provision of more tailored, customer centric services through consumer driven data and Open Banking payments.   Moneyhub empowers clients to accelerate their unique capabilities and strategic aims. With the upcoming Consumer Duty and Pension Dashboard legislation, Moneyhub’s capabilities are perfectly placed to support clients to benefit from and comply with these new opportunities, as well as support consumers through the cost-of-living crisis.

Samantha Seaton, CEO of Moneyhub comments: “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 comments: “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.”

This deal was supported by Corporate Finance Advisors DC Advisory and Lawyers CMS.

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