Moneyhub completes GBP 55 mln funding round

This funding now completes Moneyhub’s largest fundraiser to date, totalling GBP 55 million, following the GBP 35 million in funding announced on 24 October 2022 from Legal & General and Lloyds Banking Group, with an additional GBP 5 million debt facility provided by Shawbrook Bank, partially subject to regulatory approval, states the official press release.

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

The overall investment will be used to accelerate the ongoing development of Moneyhub’s solutions and expedite the expansion of its technology. Moneyhub is working to support Phoenix Group with the provision of more personalised, customer-centric services through consumer-driven data and Open Banking payments. 

Moneyhub enables clients to accelerate their unique capabilities and strategic aims. With the upcoming Consumer Duty and Pension Dashboard legislation, Moneyhub’s capabilities are meant to support clients to benefit from and comply with these new opportunities, as well as support consumers through the cost-of-living crisis. 

What do Moneyhub and Standard Life think of the new funding?

According to the CEO of Moneyhub, the extra investment from Phoenix Group, following the commercial relationship with its Standard Life business, is a further testament to the growing possibilities the industry sees in Open Data and Moneyhub’s role. 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, she continued.

The Chief Executive of Standard Life commented that Open Data is revolutionising customer interactions across the industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial wellbeing.

The two partners are reportedly focused on helping people benefit from more possibilities and harnessing the power of Open Data. Standard Life believes that the partnership will simplify its business and give more customers access to personalised solutions that better meet their financial wellbeing needs. The new funding deal was supported by Corporate Finance Advisors DC Advisory and Lawyers CMS, the official press release concludes.