Phoenix Group joins existing backers Legal & General and Lloyds Banking Group to complete the Bristol-based firm's largest funding round to date.
"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."
Phoenix Group joins existing backers Legal & General and Lloyds Banking Group as a co-lead investor in the business.
"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."
Legal & General and Lloyds Banking Group led the financing round, which includes a £5m debt facility from Shawbrook.
"Their new investment helps us signal a step change in the way the financial services industry thinks about Open Data and the possibilities it presents. Understanding and utilising customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfil their consumer duty regulatory obligations, but also empowers them to create further opportunities."
The Series C round was led by Legal & General with participation from existing investors.
"This funding round is a huge milestone for Onto as it sets us off on our journey to Europe. Germany, a nation with an incredible automotive history as Europe’s biggest car-producing country, is a market with huge potential and a great appetite for electric cars. We’re excited to offer something different."
The funding will support team growth and product development for energy storage and electric vehicles.
"As we grow our climate and clean energy platform, investing in Brill Power is an exciting move into energy storage technologies that are crucial to enable an increase of renewables on the power grid, electrification of transport, and to power our homes, businesses and key infrastructure. Through extended lifetimes, improved safety, and waste reduction, Brill Power’s work is setting a new standard for how to store and use clean power to accelerate progress to our net zero emissions goals."
— John Bromley, Managing Director - Clean Energy Strategy
