Moneyhub provides digital payment and Open Banking solutions for brands that include Mercer, Aon, Nationwide, and Standard Life. The fintech raised an initial GBP 40 million in its latest funding round. Commercial bank Shawbrook provided a venture debt facility of GBP 5 million as part of the raise to support Moneyhub’s growth plans, BusinessLive reports.
Moneyhub was previously backed by Direct Line founder and insurance tycoon Sir Peter Wood. The company declared that the fresh investment would help accelerate work on its services and the expansion of its tech, as it looks to globalise its market share within the finance, retails, and telecoms sectors.
According to Moneyhub’s CEO, ‘Open Data has the potential to transform the way that businesses interact with their customers’ and Moneyhub seeks to be part of this change. She continued to say that ‘for businesses facing increasing red tape from regulators and apathy from customers, Open Data is the natural solution.’
The financial technology industry is currently set up to evolve from Open Banking towards Open Finance. With Open Banking, consumers allowed service providers to have access to their account data in order to benefit from more personalised (better) services. Data sharing in this case is performed between the account provider and TPPs (third party providers) via APIs (Application Programming Interfaces).
With Open Finance, the finance world took the next step further. Besides just sharing payment data, Open Finance promises to use data for all finance areas (investments, savings, mortgages, pensions, insurance, and so on). Australia, with its CDR (Consumer Data Right), and Brazil, which is already in the late stages of Open Finance adoption (and dipping its toes in the waters of Open Energy, Open Insurance, and others), are prime examples of what Open Finance can bring to consumers. In short, Open Finance allows consumers to have access to their own data in a single platform, with more insights, to make more conscious decisions from a financial standpoint.
Finally, Open Data is the last step on this journey (as far as we know), a step that will move beyond financial services. Data from sectors such as energy, telco, and other sectors (which may include health and government) will be connected. This would be what some people call an Open Data Economy.
To find out more about Moneyhub, we encourage you to visit its profile from our online company database.
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