Phoenix Group invests £15m in fintech firm
Open finance and data fintech firm Moneyhub has secured a £15m (€18.3m, €17.3m) investment from UK savings and pensions 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 fundraising to date, totaling £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 the Phoenix Group, already has a long-standing commercial relationship with Moneyhub through a financial wellbeing offering for workplace pension customers – Money Mindset – which uses Moneyhub’s open finance platform.
The combined investment will “support the acceleration of the ongoing development of Moneyhub’s solutions and accelerate the internationalization of its highly scalable and border-agnostic technology”, the firms said.
Open economy/data
Samantha Seaton, CEO of Moneyhub, said: “This additional investment from Phoenix Group, following our long-standing commercial relationship with the Standard Life business, is further evidence of the growing opportunities the industry sees in open data and the transformative role Moneyhub can play.
“We are delighted that Phoenix Group has chosen to go even further by investing in the business. With the consumer duty and pensions dashboard driving the need to focus on consumer outcomes, the only answer is to work with a reliable data sharing approach with your customers.
“Since its inception, Moneyhub has been a trailblazer and at the forefront of the data and payments revolution. Our market-leading Open Data solutions have the ability to help businesses meet their growth goals while improving the financial lives of their customers.
“I am proud to work with a great team of some of the most talented people in the sector who have helped us get to where we are today, and excited about all the opportunities and developments that lie ahead.”
Andy Curran, chief executive of Standard Life, added: “Open data is revolutionizing customer interactions across our industry, driving new and innovative solutions and offering greater flexibility to individuals to manage their financial wellbeing. Moneyhub is at the forefront of setting standards for 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 opportunity 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 personalized solutions that better meet their financial wellness needs.”
