Moneyhub secures £55m in total funding following £15m injection from Phoenix Group
Phoenix Group joins existing backers Legal & General and Lloyds Banking Group to complete the Bristol-based firm's largest funding round to date.
Moneyhub is a Bristol-based data, intelligence and payments company providing Open Finance and Open Banking solutions. The firm offers technology that helps businesses enhance customer financial wellbeing and navigate complex regulatory requirements.
Moneyhub has completed its largest fundraise to date by securing an additional £15m from Phoenix Group, bringing total funding to £55m. The latest investment follows a £35m round in October 2022 backed by Legal & General and Lloyds Banking Group, alongside a £5m debt facility from Shawbrook Bank. Phoenix Group joins existing lead investors with a minority stake in the business, building on an existing commercial relationship through its Standard Life brand.
The capital will be used to accelerate product development and support international expansion. Standard Life intends to deepen its partnership with the firm by deploying Open Data technology to improve pension and workplace customer offerings, while Moneyhub prepares to address incoming Consumer Duty and Pensions Dashboard regulations.
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
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, Standard Life
Use of funds
- 01Continue product development
- 02Expand into international markets
