Moneyhub Financial Technology secures £15m from Phoenix Group to fund international expansion and product development.
Phoenix Group joins existing backers Legal & General and Lloyds Banking Group as a co-lead investor in the business.
Moneyhub is an open finance and open data platform that provides software for payments and data aggregation. The company serves over 100 enterprise clients across financial services, retail and telecoms.
Moneyhub Financial Technology has secured £15m in a fresh funding injection from Phoenix Group, bringing its total fundraising to £55m. The latest capital follows a previous £40m tranche raised in October from Legal & General, Lloyds Banking Group and Shawbrook Bank. Phoenix Group joins as a co-lead investor alongside the existing backers, taking a minority stake.
The proceeds will be directed towards accelerating product development and expanding the platform into international markets. Standard Life, a subsidiary of Phoenix Group, intends to deepen its existing commercial partnership with the business to enhance its workplace pension offerings using open data technology.
From the founder
"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."
Samantha Seaton
CEO at Moneyhub Financial Technology
Investor perspective
"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."
Andy Curran
Chief Executive of Standard Life, Standard Life
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Categories
About the company
Moneyhub Financial Technology
Moneyhub develops open finance and open data software for corporate clients.