- Moneyhub raised an additional $18.2 million (£15 million) from savings and retirement business Phoenix Group.
- The investment is the second part of a 48.6 million (£40 million) Moneyhub received in October, and brings the company’s total funds to $81.6 million.
- Phoenix Group’s Standard Life is a long-standing client of Moneyhub.
Open finance solutions company Moneyhub announced it received an additional $18.2 million (£15 million) investment. Today’s funds come from savings and retirement business Phoenix Group.
The funding round is a follow-on to the recent $48.6 million (£40 million) Moneyhub received in October. Legal & General and Lloyds Banking Group led that round, contributing $42.4 million (£35 million), and Shawbrook Bank provided an additional $6 million (£5 million) in debt funding. Moneyhub’s total funding now adds up to $81.6 million.
Moneyhub was founded in 2014 and creates software for open banking, open finance, and open data applications. Organizations leverage these tools to add data aggregation, insights, and payment systems to their applications in order to create a more personalized digital experience for their end users. U.K.-based Moneyhub plans to use the investment to develop its solutions and expand globally. The company currently counts more than 100 organizations, including more than 30 high-profile enterprise firms, as clients.
Phoenix Group’s Standard Life is a long-standing client of Moneyhub. The firm leverages Moneyhub’s Open Finance platform to create Money Mindset, a financial wellness proposition for workplace pension customers.
“We are delighted that Phoenix Group has chosen to go even further by investing in the business,” said Moneyhub CEO Samantha Seaton. “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.”